GKN: Goldman Sachs Cuts Stake to 6.71%
March 29 2018 - 11:24AM
Dow Jones News
By Adria Calatayud
GKN PLC (GKN.LN) said Thursday that Goldman Sachs Group Inc.
(GS) had nearly halved its stake in the company to 6.71%, ahead of
the deadline for shareholders to vote on a proposed takeover by
Melrose Industries PLC (MRO.LN).
The British company said Goldman Sachs previously held an 11.79%
interest. The U.S. bank reduced its stake on Monday, but GKN
disclosed the transaction in a regulatory filing on Thursday.
GKN has been fighting off a hostile takeover attempt from
Melrose Industries since the turnaround specialist first approached
the company on Jan. 8. Melrose has offered shareholders 8.1 billion
pounds ($11.45 billion) to buy the company. GKN shareholders had
until 1200 GMT on Thursday to accept Melrose's bid.
GKN shares at 1444 GMT were up 1.8% at 430.70 pence.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
March 29, 2018 11:09 ET (15:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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