GKN Driveline’s $6.1 Billion Combination with Dana

On March 9, 2018, the Board of GKN plc (“GKN”) announced that it has reached an agreement with Dana Incorporated (“Dana”) on the proposed combination of GKN’s Driveline business (“GKN Driveline”) and Dana to create Dana plc, a global leader in vehicle drive systems. The proposed transaction values GKN Driveline at a total enterprise value of $6.1 billion. Cravath is representing GKN in connection with the transaction.

Melrose plc previously announced an offer to acquire GKN on February 1, 2018. Cravath is also representing GKN in connection with the U.S. aspects of the unsolicited Melrose takeover bid.

The Cravath team is led by partners Richard Hall and George F. Schoen and includes associates Sasha Rosenthal-Larrea, Martin P. Pepeljugoski, Brian C. Mulhall and foreign associate attorney Henrik Dock on M&A matters; partner Lauren Angelilli and associates Arvind Ravichandran, Cecily Xi and Rebecca L. Fine on tax matters; partner Eric W. Hilfers and associates Matthew J. Bobby and Christopher C. Gonnella on executive compensation and benefits matters; partner David J. Kappos and associate Nicholas Kypriotakis on intellectual property matters; partners Michael S. Goldman, Bill Whelan and George A. Stephanakis on finance matters; partner Matthew G. Morreale on environmental matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters.