Breaking down the Melrose founders’ last big score [FT.com - Mergermarket]
SAFRAN SA UNSPON/ ADR (SAFRY)
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Source: FT.com - Mergermarket
© FTAV montage after Oceans 11 / Daniel Jones/FTJump to comments sectionUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Melrose Industries is known as a wealth-creation machine. So when the engineering company’s co-founders exited this year withthe lion’s share of a £330mnSimon Peckham and Christopher Miller stepped down from the Melrose boardin March£8.1bn hostile takeoverManagement took its rewards along the way, including a controversial£167mnheld up as an exampleBut while the long-run performance means Melrose can rely on steadfast support from sections of its investor base, the value creation story appears to have weakened. Share price performance since the GKN deal is no better than the market average. Cash flow has been boosted by selling invoices, which some in the industry call financial engineering, and the outsized awards handed to its founders came after moving the goalposts.Unexpected turbulenceTo
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