GKN open to extended deadline for Melrose bid

GKN has said it is willing to allow Melrose more time to complete its hostile takeover bid, in order to avoid shareholders rushing to approve it without knowing the implications of a US government review.

The FTSE 100 engineer believes that it will take Melrose longer than the standard offer timetable to secure approval from the US government panel that reviews takeovers with possible national security concerns – the Committee on Foreign Investment in the United States.