March 26, 2018 / 6:25 AM / in 3 months

Dana ups cash offer in hotly contested fight for Britain's GKN

LONDON, March 26 (Reuters) - Auto components maker Dana Inc said on Monday it had agreed to increase its offer for GKN’s Driveline business by $140 million in cash as it stepped up its efforts to fight off rival suitor Melrose .

Shareholders have until March 29 to choose Melrose’s offer for the whole company, or back a plan from GKN’s management to split off the group’s auto business and combine it with U.S.-based Dana Incorporated, leaving GKN focused on aerospace parts.

GKN said under the new proposal it would now receive $1.77 billion in cash after deducting $1.0 billion for the transfer of pension deficit to the combined Dana-GKN Driveline group. It also plans to return up to 700 million pounds of cash to shareholders as soon as possible. (Reporting by Kate Holton; editing by Guy Faulconbridge)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below