- Plan allows more GKN shareholders to benefit in significant value creation from Dana-GKN Driveline combination
- Combination creates a U.S. and U.K.-led global leader in vehicle drive systems and electric propulsion that is best suited to address the long-term demands of global customers and deliver $235 million in synergies
- GKN shareholders to also benefit from participation in Dana’s current $0.10 per share quarterly dividend
Dana Incorporated (NYSE: DAN) has undertaken a series of productive meetings with U.K.-based shareholders of GKN PLC (LON: GKN). During those meetings, Dana outlined the compelling rationale for its proposed combination with GKN Driveline. Dana received direct feedback from GKN shareholders that they would like to hold stock in the proposed new Dana plc and participate in the undeniable strategic benefits of the Dana-GKN Driveline combination, as well as the significant value that will be unlocked through this transaction.
In order to provide more shareholders with an opportunity to hold stock of Dana plc, Dana today confirmed that it will seek a secondary ‘standard listing’ on the Main Market of the London Stock Exchange for Dana plc following the completion of the proposed combination.
Additionally, Dana confirmed that it expects to continue to pay its current quarterly dividend of $0.10 per share to the enlarged shareholder group.
Jonathan Collins, executive vice president and chief financial officer of Dana, said: “The clear message from shareholders is that they want to be able to hold stock in a combined Dana plc, which will be a global leader in vehicle drive systems and electrical propulsion. Through a secondary listing on the London Stock Exchange, existing shareholders of both Dana and GKN will have an opportunity to share in the success of the new company, including value created through the delivery of $235 million in annual synergies.”
