Share value of GKN increased magically when it rejected the bid placed by Melrose. GKN is one of the UK’s biggest engineering firms,
The bid kept was £7bn valuing around 405 p per share but GKN denied it saying the company deserves a very high price.
Shares in GKN, in involved in manufacturing of wing tips for Airbus planes and parts for Porsche cars.
Shares in Melrose also rose sharply, adding 7% . As per the regulations of bidding Melrose will have to make an offer by 9th February of this year.
GKN’s origins can be traced back to 1900. The firm first listed itself in 2003.