RAConnell
29 Mar 2018
GKN up to ........... .............. 453p. SO MRO wins - yes?Cheers RAC
PhilipJD
29 Mar 2018
Re: Supposed to be all over by 1pm The Telegraph says we hear by 17
0 - [link] tried to vote on Interactive Investor but they had an earlier cut off so could not make my selection. As has been noted earlier, the influence my vote would have would be minimal of course.
Jerb44
29 Mar 2018
Supposed to be all over by 1pm .....but here we are at gone 2pm and its all gone quiet. Are they having a recount?
iolat
29 Mar 2018
Charts Melrose GKN I dispair when any salesman producers a chart which shows selective dates to persuade you to invest. They all do it. Melrose chart from 2005 to date is impressive but if you look back 1 year GKN leaves them standing. I still feel that Melrose is not a suitable owner as even 5 years is short term period in the engineering sector.
sound money
28 Mar 2018
Re: GKN still undervalued Yertiz,"Good luck all, but remember, the fate of GKN is very much NOT in your hands as PI's, but in the brokers, institutions and funds who don't really give a damn about you or I."Good post. This is far to sentimental. It needs hard nosed business decisions to secure jobs, pensions and yes, profits.Tomorrow will tell. Lex in the FT and DT have recommended that MRO's offer should be accepted.Lupo has fought a good rearguard action, better than the board of GKN in my opinion, but it's over.The minute the government sought reassurances you sensed it.M
Yertiz
28 Mar 2018
Re: GKN still undervalued Why pay more than is necessary to get the deal done? I'm half hoping this isn't going to happen - I don't want GKN shareholders profiting on Melrose's last great business deals (Nortek and Ergotron), as I'm a 'get-rich-quick johnny', apparently, and I want it all for myself!The other half says at this price GKN may not be a steal, but there's definitely room to improve and capitalise on potential and this is where we all benefit - shareholders, jobs, company, UK economy etc. Too many bleeding hearts (who are too easily wound up!) on this board who can't see the wood for the trees. Tomorrow we will all find out respective fates. But for me, as a Melrose holder of many years, its still win/win.Good luck all, but remember, the fate of GKN is very much NOT in your hands as PI's, but in the brokers, institutions and funds who don't really give a damn about you or I.
iolat
28 Mar 2018
Re: GKN still undervalued You neglected to mention underpay
Kingel
28 Mar 2018
Melrose and GKN trade final barbs Melrose Industries and GKN engaged in a final public slanging match before a shareholder vote on the turnaround company's hostile bid for the FTSE 100 engineer.With a day to go until the 29 March deadline for shareholders to vote on its £7.9bn offer, Melrose first accused GKN of conducting a fire sale of its automotive business and then accused the board of "lack of candour and strategic vision".Christopher Miller, Melrose's chairman, said: "Since we made our approach, GKN has repeatedly changed its strategy and contradicted itself [...] We believe shareholders need to question the validity of the GKN Board's promises to increase shareholder value and meet its targets."GKN responded by noting Melrose's late flurry of statements and accusing its unwanted suitor of drumming up promises in an attempt to sway opinion. GKN said pledging not to sell the aerospace left Melrose without necessary flexibility in a fast-changing industry whereas under the board's plan GKN would be a standalone aerospace company.Mike Turner, GKN's chairman, said: "This morning's blizzard of announcements by Melrose, drafted in increasingly hysterical language, smacks of desperation. It has now been forced into giving commitments on a five-year hold period for GKN Aerospace to address its transient business model."The exchange was the latest in an increasingly bitter bid battle since GKN revealed Melrose's initial approach in January. Melrose is seeking to go over the GKN board to gain shareholder approval for its takeover, which it says will allow it to overhaul an underperforming company.The bid has become highly political, with MPs, unions and the Labour opposition raising concerns about Melrose's plans for one of Britain's oldest companies, which employs almost 6,000 people in the UK. Clark told Melrose he would consider the impact on national security, GKN's workers and the wider economy when judging the deal.Melrose sought to portray itself as acting in the interests of the UK economy and industrial base. After a request from the business secretary it agreed to base itself in the UK and not to sell GKN's aerospace arm for five years along with other commitments.In further commitments, Melrose said its board would be British, its shares would be listed on London's main market and GKN's aerospace and automotive businesses would use the GKN name. GKN's research and development spending will be at least 2.2% of GKN sales each year. If there is a shortfall it will be made up for by June 2024, Melrose said.Melrose said it had been in talks with Clark and his department since its initial approach went public in January and that the exchange of letters was the culmination of those discussions. GKN has accused Melrose of being a short-term operator with little experience in its industry.GKN plans to sell its automotive arm to Dana Inc of the US to release cash for shareholders and give them a stake in the combined business. Melrose said the plan amounted to a "fire sale" that would be bad for shareholders, employees, pensioners and the UK.
pike fisherman
28 Mar 2018
Re: GKN still undervalued Melrose never overpay.
iolat
28 Mar 2018
GKN still undervalued Still believe Melrose have undervalued GKN, bid should have been at leat £5.00 taking into account long term risk.
pike fisherman
28 Mar 2018
Re: ShareCast News Give ...Exactly. Once Dana have the technology, intellectual property, etc, what do they need GKN for. Top jobs are Dana.
RAConnell
28 Mar 2018
Re: Phil Swash? Lupo,You've lost your sense of humour. Ironically in reply to PF you slander MRO as "get-rich quick Johnnies". But GKN prematurely flog off the automotive section to Driveline to earn a fast buck and that's OK? Consider this:How British is GKN?GKN may have its headquarters in Britain, but to portray it as a powerhouse of UK manufacturing ignores how global the company has become (Graham Ruddick writes). Only about one in ten of the 60,000 people employed by GKN works in the UK and it recently appointed an American, Anne Stevens, as chief executive. British staff include those in the head office in Redditch, Worcestershire, and at a factory in Filton, near Bristol, that supplies parts to Airbus.However, GKN is not classed as one of the Ministry of Defence’s top suppliers. While it makes components for the Eurofighter Typhoon fighter jet and the A400M military aircraft, its US defence business is more significant.Furthermore, according to a study of publicly listed companies by PWC, the accountancy firm, GKN was the only the 15th biggest spender on research and development in Britain last year, behind the likes of Astrazeneca, Rolls-Royce and BP. While GKN is listed in London, only a third of its shares are thought to be held by British institutions."Also GKN's automotive division do as I've read contribute 73% of revenue and 63% of profits that Stevens seeks to cash in on; maybe too friendly with past American buddies?Food for thought.Cheers, RAC
give the dog a bone
28 Mar 2018
Re: ShareCast News have the management and staff at GKN no interest in doing an MBO? given that we live in a capitalist society with a high degree of government oversight, surely the workforce at GKN can strike a deal to buy some of the parts. All this talk of long term horizons and a major client ( Aerospace) telling their suppliers that they'll go elsewhere is pathetic as the SP is well below the offer price, it's a sign that the deal will not finalise, then what changes ? We hand over the jewels to the yanks at a discounted price ; the BoD get a fist full of dollars and walk away glad that they got the gains instead of the UK opportunists ; within 18 mths th yanks pull the plug and sell up the site leaving '000s high and dry.
Lupo di mare
28 Mar 2018
Re: ShareCast News PF - "Yup, owned by the Yanks who have given no undertaking on jobs, intellectual property, etc"You deliberately, and understandably considering your attachment to the get-rich-quick Johnnies at MRO, miss the point: MRO's record of stripping and selling has caused wide-spread concern amongst those who understand the requirement for long-term horizons with regard to investing - and with regard to sensitive defence work.
Lupo di mare
28 Mar 2018
Re: Phil Swash? Usual trash from RAConnell, but a reasonable comment from PF.I suggest that, given PS's background at BAE, he'll transfer over to Aerospace at some stage.
