Macfarlanes advises Dana Inc on its $6.1bn proposed combination with GKN plc's Driveline Business
The bid values the Driveline Business at $6.2bn and comprises $1.7bn in cash, $3.5bn in shares and the assumption of $1bn of net pension liabilities.
The combination is being undertaken as part of GKN’s defence against a hostile by Melrose Industries plc, which has been rejected by the Board of GKN.
Macfarlanes worked closely with a team from Paul, Weiss, Rifkind, Wharton and Garrison led by Tarun Stewart. The Macfarlanes team was led by M&A partners Graham Gibb and Richard Burrows with assistance from M&A senior solicitor Tom Rose. Pensions advice was provided by partner Camilla Barry, tax advice by partner Jeremy Moncreiff, anti-trust advice by partner Malcolm Walton and commercial advice by senior solicitor Will Hedges.