RPT-UPDATE 1-Tomkins investors approve $4.5 bln takeover

(Repeats to additional Reuters clients)

* 90.3 percent of shareholders approve Canadian bid

* Standard Life says 325p-per-share bid undervalues Tomkins

(Adds details, Standard Life statement)

LONDON, Aug 31 (BestGrowthStock) – Shareholders in Tomkins (TOMK.L: )
on Tuesday approved a 2.9 billion pound ($4.5 billion) takeover
by a Canadian consortium, marking an end to public life for one
of Britain’s biggest industrial groups.

Shareholder Standard Life, which owns just over 3 percent of
the company, had in July rejected the 325 pence offer from Onex
Corp (OCX.TO: ) and the Canada Pension Plan Investment Board as
too cheap and said it would vote against any deal.
At a meeting on Tuesday, however, just over 90 percent of
shareholders in the company, which makes car parts, industrial
hoses and bath tubs, gave the deal the green light.

Standard Life said after the meeting it still believed the
bid undervalued Tomkins, known as the “buns to guns”
conglomerate in the 1990s when it owned both food group Rank
Hovis McDougall and gun maker Smith & Wesson.

“We also hope that this vote will not be seen as a signal to
other potential bidders for UK corporates that UK shareholders
are prepared to sell assets too cheaply as a consequence of
current depressed market conditions,” said David Cumming, Head
of UK Equities.

Largest shareholder Schroders, with a 9 percent stake, had
already said it would back the takeover.

Shares in Tomkins, which had only briefly traded just above
the 325 pence offer since the first approach was made in July,
were up 0.5 percent at 323 pence at 1333 GMT.
(Reporting by Victoria Bryan)
($1=.6491 Pound)

RPT-UPDATE 1-Tomkins investors approve $4.5 bln takeover