LONDON -- Melrose Industries has narrowly clinched an 8 billion pound [$11 billion] takeover of British engineering company GKN, after a three-month battle for control of the company.
Melrose, a UK turnaround specialist, on Thursday said that 52.4 percent of GKN's shareholders had accepted its hostile cash-and-shares offer by the time the deadline for a deal expired at 8 a.m Eastern time.
That just surpassed the acceptance threshold of 50 percent plus one share that Melrose had set for the takeover of the aerospace and automotive parts supplier.
GKN, led by CEO Anne Stevens, had put up a staunch defense that included striking a separate deal to merge its automotive division with U.S. supplier Dana, a tie-up that was dependent on the failure of the Melrose takeover.
"We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalization of over 10 billion pounds [$14 billion] and a tremendous future," Melrose Chairman Christopher Miller said.
The offer is now expected to become unconditional by April 19.