Tomkins Agrees GBP2.89 Billion Onex Consortium Bid
27 Luglio 2010 - 8:50AM
Dow Jones News
Global engineering and manufacturing company Tomkins PLC
(TOMK.LN) said Tuesday it and Pinafore Acquisitions Ltd, a new
company formed by Onex Corp (OCX.T) and Canada Pension Plan
Investment Board, have agreed the terms of a recommended offer that
values Tomkins at GBP2.89 billion.
MAIN FACTS:
-Tomkins shareholders will receive 325 pence in cash for each
Tomkins share (which results in 1,300 pence in cash for each
Tomkins ADR, each of which evidences an American Depositary Share
representing four Tomkins Shares).
-The price of 325 pence for each Tomkins share equates to a
premium of 41% to the closing price of 230.30 pence per Tomkins
share on July 16.
-The acquisition will be implemented by way of a
court-sanctioned scheme of arrangement.
-Cash consideration payable by Pinafore under the terms of the
acquisition will be financed through a combination of equity and
debt financing.
-The debt financing, consisting of facilities of $3 billion, has
been arranged and fully underwritten by Bank of America Merrill
Lynch, Citigroup Global Markets Inc., Barclays Capital, RBC Capital
Markets and UBS Securities LLC.
-Tomkins shares closed Monday at 307.5 pence valuing the company
at GBP2.71 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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