I see the Colombia Threadneedle has finally decided to make a decision to back GKN (I have pasted the link below to the excellent article in today's The Times).
Posts tagged: Melrose
David Cumming, head of equities for Aviva, today stated he is supporting Melrose's fresh £8.1 billion offer for GKN.
The question is whether other big GKN shareholders - such as Colombia Threadneedle or Standard Life Aberdeen - will publicly back the turnaround investor's bid for GKN?
The reason Betaville posits the question is reliable sources suggested the fund manager, one of the larger GKN shareholders, may be willing to support Melrose if it bumps its hostile offer a tad.
However, when Betaville put this to a spokesperson for Colombia Threadneedle last week the official response from investment firm was:
“We have not made a decision yet.”
Does anybody else think it odd that Mike Turner went on holiday to the Caribbean in January after the opening scuffle in the GKN/Melrose bid battle?
Betaville realises that everybody is entitled to a holiday. However, according to reliable senior banking sources who aren't advising on this takeover battle (as far as Betaville is aware) Turner, chairman of GKN, headed off to the Sandy Lane Hotel in Barbados after Melrose made its approach in early January...
No self respecting investment banker will ever admit to having too many clients. Take, JP Morgan, for example. The powerful investment bank is a corporate broker and adviser to GKN and Melrose and was almost always cited on all their deal press releases. I have pasted Melrose's £2.2 billion acquisition of American ventilitation-to-security group Nortek below and GKN's equity fundraising of about £200 million for the acquisition of Fokker Technologies in 2015:..
There is plenty of anecdotal evidence that deals that were being looked at before the Brexit referendum have either been parked or completely shelved.
Indeed, for the last couple of weeks I have been chasing a tale about a takeover of a rather large London-listed industrial company but was told yesterday the transaction has been put on hold because of the result of the Brexit referendum...