MAJOR Isle of Wight employer GKN has received a new bid from Melrose in the ongoing takeover battle for the company.

Melrose has increased its offer for the engineering giant from £7.4 billion to £8.1 billion.

Melrose has said this will be the "final offer" as the acceptance deadline draws near.

GKN has fought hard against the bid so far and some MPs, including Isle of Wight MP Bob Seely, have called for the bid to be blocked under Section 58 of the 2002 Enterprise Act.

GKN shareholders have until March 29 to decide whether or not to accept the offer.