LONDON (July 27, 2010)—The board of Tomkins P.L.C. has agreed a takeover bid by Pinafore Acquisitions Ltd.
The acquisition values Tomkins' existing issued and to be issued share capital at about $4.5 billion. Tomkins owns Gates Rubber as well as Schrader Electronics.
Pinafore is a newly incorporated company formed for the purpose of implementing the acquisition at the direction of, and jointly owned by a consortium comprising Onex and Canada Pension Plan Investment Board.
Tomkins Chairman David Newlands said the company's directors believe that the transaction is fair and reasonable and unanimously recommend Tomkins shareholders vote in favor of the resolutions.