Melrose Industries' £8.4bn offer has been accepted in today's shareholder vote, which will include injecting up to £1bn cash contributions for its two defined benefit (DB) schemes.
According to an announcement on the London Stock Exchange, as at 1pm today, Melrose received valid acceptances representing 52.4% of voting rights of GKN.
Last week, the trustees of GKN's pension schemes agreed a package of mitigation measures, which they said would improve funding to a "more prudent level" if Melrose's offer were accepted by shareholders.
This came after GKN slammed the turnaround specialist for making 'misleading' comments relating to the deficit of the engineering giant's two UK DB schemes, shortly before Melrose pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the business.
Melrose chairman Christopher Miller said: "We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over £10bn and a tremendous future."
He concluded that that GKN is entering into "very good hands."
Commenting on the result, the chairmen of GKN's pension schemes said in a statement: "The trustees of GKN Group's pension schemes note the result of the shareholder vote and look forward to working with Melrose Industries, the new sponsors of the schemes, to deliver the agreed package of mitigation measures."
Melrose's final bid followed the announcement earlier in the month that GKN had reached a £4.3bn cash and shares deal to merge its automotive driveline business with engineering firm Dana. On Monday, Dana increased its merger offer for GKN's Driveline business by about £100m.
The GKN trustees had previously warned Melrose that if its takeover bid was successful, it expected "full engagement with management… to ensure satisfactory protection and mitigation for any impact". Meanwhile, GKN warned the takeover would have "implications for the covenant strength of the company".
The same stock exchange announcement confirmed that the acceptance condition has been satisfied by Melrose, and that its offer has therefore become "unconditional as to acceptances."
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