GKN Rejects Second Takeover Bid


Isle of Wight employer GKN has rejected a second takeover bid from Melrose Industries.

The investment firm had claimed the move would “re-energise and re-purpose” GKN, which is based in Worcestershire but has bases in East Cowes and Whippingham.

Earlier, Melrose announced it had tabled an offer of £7.4 billion.

On Sunday, Isle of Wight Radio reported GKN had rejected a £7 billion offer.