Dana Inc. CEO James Kamsickas is meeting with GKN PLC shareholders in London in a bid to thwart a takeover bid by electrical equipment maker Melrose Industries PLC, Reuters reported March 13, citing "two sources familiar with the matter."
On March 9, GKN agreed to merge its driveline division with Dana and establish an NYSE-listed joint venture called Dana PLC, which will specialize in driveline systems.
The $6.1 billion Dana deal prompted Melrose to raise its previous offer to about $11.3 billion on March 12, which GKN rejected the same day. GKN said the revised offer does not reflect the value of its aerospace business and the benefits that it could reap from Dana PLC.
According to the Reuters report, Kamsickas' London meeting with GKN's major shareholders will focus on the merits of Dana's automotive deal. If the transaction pushes through, GKN will reportedly hold 47.25% of Dana PLC.
