ENGINEERING firm GKN, which employs hundreds of people on the Isle of Wight, has rejected a takeover bid.

Manufacturing company Melrose made the unsolicited bid last week but GKN turned it down, with bosses saying it was opportunistic and undervalued the company.

GKN was reportedly valued at £7 billion.

The firm has 160 manufacturing locations, including East Cowes, and employs 58,000 people across its sites.