GKN, which has been battling to see off Melrose's hostile bid, announced on Friday that it had reached an agreement to merge part of its business with US-based auto parts firm Dana for $6.1bn (£4.4bn).
Under the existing terms of its offer, Melrose shareholders would own 43 per...
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That reflects considerable uncertainty on whether the deal will happen.
GKN has consistently dismissed the takeover as "opportunistic" - moving to offset any shareholder interest in a sale by planning to merge its Driveline automotive division with USA rival Dana in a deal worth £4.4bn.
GKN in a separate statement on Monday said that its board "continues to view the offer as entirely opportunistic and believes that its terms fundamentally undervalue GKN and its prospects".
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GKN shareholders now face a 29 March deadline to accept or reject the new Melrose offer.
In a letter to GKN shareholders, Melrose chairman Christopher Miller criticised its takeover target's management team for refusing to hold discussions over the offer and slammed recent moves by GKN to sell its Driveline business. It has offered to give back £2.5bn to shareholders and agreed to merge its vehicle unit with USA company Dana. "Your board has unequivocally declined each time to enter into any such discussions".
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