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580p inclusive of accretion effect)There is plenty of appetite from various strategic and financial buyers for the various GKN divisions. This would create substantial additional value to Melrose once it will sell such divisions in the coming years.Conclusion There is a clear path to significant upside in GKN, from which Melrose and current GKN shareholders will benefit once Melrose succeeds in successfully acquiring GKN. The downside in GKN is well covered by the potential value in GKN that will crystalize over time post divestment of Driveline and Powder Metallurgy and after margins and cash generation have been improved.

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