Isle Of Wight Employer GKN Rejects Takeover Bid

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GKN, which employs hundreds of people on the Isle of Wight at its bases in East Cowes and Whippingham, has rejected a multi-billion pounds takeover bid by Melrose.

In a statement, the engineering firm described the offer as

“…entirely opportunistic and that the terms fundamentally undervalue the Company and its prospects”

It is reported in the Financial Times that Melrose said the deal would improve profits and cash flow.

The national newspaper says GKN is planning a major shake-up of its UK-wide operation, with discussions due next week.