Tomkins board backs CPPIB takeover despite shareholder fears

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CANADA/UK - The board of car parts manufacturer Tomkins has backed the 325p per share cash offer from Onex and the Canada Pension Plan Investment Board (CPPIB) despite strong opposition from shareholder Standard Life Investments.

Pinafore Acquisitions, a vehicle formed by buy-out firm Onex and CPPIB for the purpose of acquiring Tomkins, made the offer following an initial approach earlier this month (Global Pensions: July 1...

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