(Bloomberg) Hostile bids are never easy but the success of the bitterly contested takeover of U.K. engineer GKN Plc shows that the effort can still pay off even in today’s highly politicized M&A climate. The winning buyer, Melrose Industries Plc, has sent a shot across the bows of all poorly performing companies in the U.K. That is no bad thing.
Melrose deployed every available tactic to heap pressure on its target — speed, a “take it or leave it” final offer, a low acceptance threshold and, of course, mud-slinging. With that approach, it was never going to get GKN board approval for a deal. That meant getting into conflict with stakeholders like the unions and customers such as Airbus SE.

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