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The Gap Partnership

Tomkins completes sales negotiations

British manufacturing group to recommend £2.9 billion deal

27 July 2010

UK firm Tomkins is set to recommend a takeover deal to shareholders after completing sales negotiations with Canada's largest private equity firm.

The manufacturing and engineering group has received a £2.9 billion bid from US private equity firm Onex Corporation and the Canada Pension Plan Investment Board.

David Newlands, chairman of Tomkins, claimed the 325p-per-share deal adequately values the firm.

He said: "The cash offer [from the consortium] provides Tomkins' shareholders with certain value today and fairly reflects both the value of the group today and its future potential."

Tomkins was hit by the recession but recently recovered to record a 23 per cent increase in sales in the first half of 2010.

The company employs over 25,000 workers worldwide, including 1,500 staff across its six UK plants.

Onex currently operates a portfolio of companies generating revenues of around 31 billion Canadian dollars (£19.3 billion) per year. 

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