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Melrose ups offer for GKN, says latest bid final

Reuters - UK Focus

LONDON, March 12 (Reuters) - Melrose Industries (Frankfurt: 27MA.F - news) raised its offer for GKN (Frankfurt: 694194 - news) , the British engineering company which it is pursuing through a hostile takeover, stating that the new bid represented a final offer and would not be increased under any circumstances.

Melrose (LSE: 136541.L - news) said investors in GKN would under its new offer receive 81 pence in cash for every GKN share they hold, plus 1.69 new Melrose shares, keeping the cash part of the deal the same but upping the equity part from 1.49 new Melrose shares.

The suitor raised its offer on Monday after GKN on Friday sought to fend off the bid by striking an alternative $6.1 billion tie-up to merge its automotive business with U.S. company Dana Incorporated (Frankfurt: 4DH.F - news) .

(Reporting by Sarah Young; editing by Kate Holton)