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Melrose urges final GKN shareholders to sell up
Melrose Industries still had not received acceptances from 15% of GKN shareholders for its takeover after its midday deadline on Wednesday, though it said the offer will become unconditional in all respects at 0800 BST the following day.
By midday on Wednesday, Melrose had received valid acceptances representing approximately 85% of the voting rights over GKN shares.
The offer can be declared unconditional as all outstanding conditions to its takeover offer for GKN have now been satisfied or waived, Melrose confirmed.
As Melrose has acquired more than three-quarters of GKN shares it is applying to the London Stock Exchange for them to be cancelled from trading.
Only those GKN shareholders who have validly accepted the offer by that time will be able to take part in the initial settlement of consideration shares. But the offer will remain open for acceptance until further notice, and not less than 14 calendar days' notice will be given in respect of the closure of the offer and so will receive the new Melrose shares and cash due to them within 14 calendar days following receipt of such acceptance.
Melrose has applied to the LSE for 2.47bn of its new shares to be listed in respect of the shares due to GKN shareholders who have accepted the offer prior to the midday deadline.
It has also applied for the remaining 479.3m unallotted new Melrose shares to be listed once 100% acceptances are received.
GKN shares climbed more than 1% as the closing bell approached on Wednesday to 475.05p.