Melrose takeover of Nortek another step closer

Melrose Industries announced on Monday that on 6 August, the so-called “window shop period” in respect of its takeover proposal for Nortek expired, without Nortek having received a superior proposal.

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The FTSE 250 firm also confirmed that all antitrust conditions in relation to the acquisition have been satisfied, along with all shareholder resolutions regarding both the acquisition and the fully underwritten rights issue were passed almost unanimously on 25 July.

“Consequently, Melrose is taking the necessary steps to implement the rights issue, with provisional allotment letters being posted today and the expectation that the CREST accounts will be credited and nil paid rights will be admitted for trading tomorrow,” the company’s board said in a statement.

“Assuming this occurs, the expected date for completion of the acquisition is 31 August.”