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GKN shareholders agree to £8.1 billion buyout by Melrose Industries
GKN shares jump 7% as shareholders accept Melrose's buyout offer
GKN rises 2.7% after Melrose raises buyout bid to £8.1 billion
Dana Inc. said Friday it agreed to combine with GKN Plc's Driveline division in a deal valued at about $6.1 billion, including debt. Under terms of the deal, GKN will receive cash proceeds of $1.6 billion, 133 million newly issued Dana shares valued at about $3.5 billion at the March 8 closing price and the assumption of about $1.0 billion in pension liabilities. "This transformative and strategic transaction solidifies Dana as a world leader in vehicle drive systems and establishes a leading position in electric propulsion, which we see as the future of vehicle drivetrains," said Dana Chief Executive James Kamsickas. After closing, which Dana expects in the second half of 2018, the company will be based in the U.K., the stock will continue to trade on the NYSE with the symbol "DAN" and Dana shareholders will own 52.75% of the company. The deal is expected to add to Dana's adjusted earnings per share in 2018, and deliver annual cost synergies of $235 million within three years after closing. Dana's stock was still inactive in premarket trade and GKN's shares rose 0.6% in U.K. trade. Over the past 12 months, Dana's stock has run up 40% while the S&P 500 has gained 16%.
Dana to combine with GKN's driveline unit in a deal valued at $6.1 bln including debt
GKN shares rise 2.4% after reports of takeover interest by Carlyle
GKN rallies 22%, rejects bid approach from Melrose Industries
GKN Plc engages in engineering business. It designs, manufactures, service systems and components of aircraft, vehicle and machinery. The company operates through three segments: GKN Aerospace, GKN Driveline and GKN Powder Metallurgy. The GKN Aerospace segment focuses on the supply of aerostructures, engine products and systems, and electrical wiring systems. The GKN Driveline deals with the supply of automotive driveline systems and solutions. The GKN Powder Metallurgy involves in the manufacture of sintered components and in the production of metal powder. The company was founded on September 19, 1759 and is headquartered in Redditch, the United Kingdom. (See Full Profile)
Name | Chg % | Market Cap |
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Kongsberg Automotive ASA | kr3.62B | |
Sogefi S.p.A. | €355.43M |