Fate of GKN to be announced today
The fate of engineering firm GKN will be decided today, when the result of a shareholder vote on an £8.1 billion hostile takeover bid is announced.
Sometime before 5pm, the verdict will be delivered on Melrose's takeover bid for the firm.
GKN has a site in Telford where it employs 350 people as well as other factories in the Midlands with around 1,000 workers.
The outcome of the cash and shares offer from restructuring firm Melrose has been too tight to call, with both sides showing their determination to press home their cases right up to today's lunchtime deadline.
GKN has doggedly rejected Melrose’s advances, with chief executive Anne Stevens describing its takeover as “high-risk” and the offer as not coming close to reflecting the firm's true value.
In a last-ditch effort to sway investors ahead of the shareholder vote, Melrose has stressed its commitment to improving "not only GKN, but the UK economy".
The battle between the two has stirred up politicians, who fear Britain’s industrial heritage is at risk and have demanded that the business be protected.
In Westminster, the hostile offer is seen as a battle between the short-termism of the financial engineer – Melrose – versus the long-term investment of the real engineer – GKN.