Melrose was ready for action; takeover target GKN wasn't

Credibility gap, gung-ho Melrose investors, panicked breakup plan and tepid political reaction led to bid being acceptedOn day one of Melrose’s bid for GKN in January, everybody in the City knew one thing. GKN, a 259-year old company that made cannonballs for Waterloo and Spitfires in the second world war, was doomed if its management mounted a defence based on its recent financial record.GKN had disappointed its shareholders too often and three months previously had confessed to discoveri