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On board entrepreneur's latest venture

Aviva Investors backs Melrose's improved takeover offer for GKN

Reuters

LONDON (Reuters) - Aviva Investors (AV.L), which is a shareholder in both bid target GKN (GKN.L) and its suitor Melrose Industries (MRON.L), has come out in support of the turnaround specialist's takeover of the British engineer.

"We believe the interests of shareholders in both companies are best served by accepting Melrose's raised bid," David Cumming, Aviva Investors' chief investment officer for equities, said in a statement to Reuters on Monday.

It comes after Melrose hiked its cash-and-shares offer for GKN and declared its bid final.

(Reporting by Ben Martin, editing by David Evans)