British industrials group Melrose to pursue bid for GKN - source

LONDON (Reuters) - Melrose, the British industials turnaround specialist, plans to continue to pursue its bid for engineering group GKN, according to a source familiar with the matter.

GKN said on Friday it had rejected a 405 pence-per-share paper and cash bid from Melrose and that it would instead break itself up by separating its aerospace and automotive businesses.

(Reporting by Ben Martin; Editing by Edmund Blair)