** Shares of GKN Automotive owner Dowlais DWL.L up 1.3% at 72.9p
** RBC raises PT to 100p from 80p; keeps 'outperform' rating
** Says American Axle's AXL.N 1.16 bln pounds ($1.44 billion) cash-and-stock offer undervalues Dowlais
** Estimates combined equity could be worth $3.8-$6.7 bln in ~3 years with Dowlais shareholders getting only $1.5 bln upfront
** DWL shares fell ~18% in the last 12 months ($1 = 0.8055 pounds)
(Reporting by Yamini Kalia in Bengaluru)
((Yamini.Kalia@thomsonreuters.com;))
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