Macfarlanes advises Dana Inc on its $6.1bn proposed combination with GKN plc's Driveline Business

10 March 2018

Macfarlanes have advised Dana Incorporated, the NYSE listed automotive supplier, on its 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.