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Melrose narrowly wins GKN takeover contest

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Melrose narrowly wins GKN takeover contest

Melrose Industries PLC was successful in its £7.9 billion cash-and-stock bid to take over engineering company GKN PLC, the Financial Times reported.

Shareholders with 52.43% voting rights supported the Melrose bid.

"We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalization of over £10 billion and a tremendous future," said Melrose chairman Christopher Miller, according to a report on independent.ie.

GKN had previously rejected buyout offers from the electrical equipment maker, contending that the bid undervalued the company.

Dana Inc. also tried to stop the takeover and sought to acquire GKN's car business. Dana CEO James Kamsickas also attempted to convince shareholders to vote against the takeover bid.

The takeover led Labour MP Jack Dormey to criticize the industrial strategy of the U.K. government. Business Secretary Greg Clark had recently demanded a right to veto GKN's sale if Melrose won its bid for the company. The U.K. government does not hold a golden share in the company, the Financial Times noted.