Melrose offers GKN pension trustees £1bn as deal deadline approaches
19 March, 2018, 19:14 | Author: Regina Silva
The move could allay concerns from the pensions watchdog and MPs, who have called for the deal to be blocked.
Insurance giant Aviva, a one per cent investors in GKN, last week said it would support Melrose.
GKN makes parts for planemakers Airbus and Boeing, as well as parts for Volkswagen and Ford cars.
Nearly a quarter of Melrose's shares are on loan to short sellers hoping its pursuit of GKN will fail - figures that have risen sharply in the last few days.
The Pensions Regulator had warned previously that the deal could weaken GKN's ability to meet its pension obligations.
The turnaround specialist also said that after GKN's planned disposals, its aerospace division would become overburdened with up to GBP3.00 billion of volatile gross pension liabilities, equal to three times its trading profit.
"Unless they accept our offer, GKN shareholders will end up with shares in an Aerospace business overburdened with up to GBP3 billion of pension liabilities upon the planned disposals, and a minority shareholding in a Dana-managed Driveline business without a United Kingdom primary listing, which many won't be able to hold", Miller added.
However, on Monday, Dana announced that the planned new combined business would also have its shares listed on the London Stock Exchange, as well as the New York Stock Exchange, in order to address this issue.
The announcement comes as GKN hits back at the takeover bid by announcing that once it sells its Driveline business to the U.S. firm Dana, the resulting company will have a secondary listing on the London stock exchange as well as a primary listing in NY.
GKN Plc's rival suitors offered additional sweeteners to win over the United Kingdom aerospace supplier's shareholders, who are set to decide in coming weeks which side to support. "By accepting the Melrose offer, GKN shareholders will keep the potential value of all the GKN assets as majority owners of a much larger business and a management team with a clearly superior track record", said Chairman Christopher Miller.
The boards of both businesses have been battling to win over shareholder votes ahead of the deal's March 29 voting deadline.
It announced the concession despite saying a week ago that it had made its "final offer" to shareholders after the company rejected its advances on value grounds.
Outside the prime minister's office, thousands of protesters have gathered nearly every day, demanding that Abe step down. Food companies were also sold, with condiment maker Kikkoman Corp dropping 1.7 percent and NH Foods sliding 1.9 percent.
First-time voters in Moscow were given free tickets for pop concerts and health authorities were offering free cancer screenings. There were widespread reports of forced voting on Sunday, efforts to make Russian Federation appear to be a robust democracy.
As with any rumour these days, we would caution anyone reading this to take this news with a giant pinch of salt. Like most Assassin's Creed games, the development duration is usually two years which is on point.
The BJP won in Vadodara but lost to TRS in Medak in Telengana and to the Samajwadi Party in Mainpuri in Uttar Pradesh. Yet, no time has been ripe during the last four years for such a dinner party or to stitch a non-BJP alliance.
When a TVP Roads officer pulled the driver over, she was handed an ID with cartoon character Homer Simpson as the name and photo. The incident went viral and the tweet has garnered more than 3,100 retweets and 6,900 likes.
The company operates 7,500 stores across the world and, according to court filings, "has pierced over 100,000,000 ears worldwide". The retailer's global subsidiaries are not part of the USA bankruptcy filings, Claire's said in a statement .
A stanch and steadfast pro-freedom leader, Sehrai will now lead TeH, an effective constituent of Hurriyat Conference (G). Before that, Sehrai had given a miss to executive council meetings of the Tehreek-e-Hurriyat and the Hurriyat as well.
The players seemed to understand they would be remembered and honored for Friday's game and had acquitted themselves well Sunday. The Retrievers shot 67.9 percent from the field in the second half and held Virginia to 42 percent after intermission.
The deception reportedly enabled them to sell all three buildings for $60 million, almost 50 percent more than it paid. The man who offered her the money told her that, "I know it's pretty terrible , but we can help you get out".
As for the constitutionality of the practice, that's for the courts to decide, not the editorial page of The Washington Post . The person added that Kelly and others in the West Wing believe McEntee has been unfairly maligned in the media.
Putin re-elected Russia's President for another 6 years
He recently announced that Russian Federation has developed advanced nuclear weapons capable of evading missile defenses. Russian President Vladimir Putin has secured a fourth term in power after receiving a record level of the national vote.
Prince Harry Won't Sign A Prenup Ahead Of The Royal Wedding
U.S. network Lifetime will be broadcasting Harry and Markle: A Royal Romance in the run up to the couple's wedding on May 19. The movie stars Parisa Fitz-Henley in the role of Meghan Markle and Murray Fraser as her fiancé Prince Harry .
'Will and Grace' revival gets 3rd season
Before the series even aired its first episode, the peacock network made a decision to renew Will & Grace for a second season. The network also reports Will & Grace is NBC's "most-watched primetime comedy at this point in the season in eight years".
Antero Midstream GP (AMGP)
The stock of Antero Midstream Partners LP (NYSE:AM) earned "Buy" rating by Ladenburg Thalmann on Wednesday, September 2. The stock of Magellan Midstream Partners, L.P. (NYSE:MMP) has "Buy" rating given on Tuesday, July 18 by UBS.
A Vive Pro will cost £800, Vive reduced to £500
The Pro uses dual OLED screens for a combined resolution of 2990x1600 which is a 78% jump from the original Vive. HTC said today it will sell the Vive Pro virtual reality headset for $800, with global preorders starting now.