CANADA/UK - Canada Pension Plan Investment Board and Onex Corp. have garnered sufficient shareholder support for their £2.89bn ($4.4bn) purchase of Tomkins Plc.
About 90% of Tomkins voters backed the bid at a general meeting today, the London-based maker of auto parts and bath tubs said in a statement. Investors will receive 325 pence per share in cash, 41% higher than Tomkins' July 16 closing price, the day prior to the approach.
Tomkins is the latest European manufacturer to be targeted as buyout firms and cash-wielding global engineering companies seek to invest in new markets and products. Emerson Electric Co. agreed to pay $1.5bn for Chloride Group Plc, a British maker of backup power systems that also attracted a bid from ABB Ltd.
Standard Life Investments, which controlled 2.97%of Tomkins, said July 27 that the bid's valuation of the company was "without a shadow of a doubt, too low."
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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