Dana Incorporated announced Thursday it acknowledges the decision by a majority of the shareholders of GKN plc to accept the proposal by Melrose Industries plc to acquire GKN.
As a consequence, it appears unlikely that Dana’s proposed combination with GKN Driveline will proceed.
“We are, of course, disappointed by today’s outcome and continue to believe Dana would be the best owner and operator of GKN Driveline,” says James Kamsickas, Dana president and CEO. “This has always been an opportunity, not a required or critical asset. Dana is a strong, thriving company, and we will continue our focus on the execution of our enterprise strategy, delivering for customers and remaining responsible stewards of our shareholders’ capital.”