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In his Inside The City column for the Sunday Times this week, John Collingridge noted how turbulent stock market can be unforgiving for heavily discounted rights issues, focussing particularly on John Laing’s issue earlier this month.
Melrose has made a dramatic final pitch for GKN by promising to plough £1bn into the engineering titan’s cash-strapped pension fund. The turnaround firm is understood to have bowed to demands from GKN’s pension trustees to substantially raise its initial offer of a £150m injection for the fund. The move could topple one of the biggest obstacles to the £8. 1bn takeover bid. - The Sunday Times.
