CPP investment board, Onex move for Tomkins

British engineering and manufacturing company Tomkins PLC says it has received a$4.62-billiontakeover bid from Canadian private equity firm Onex Corp.and the Canada Pension Plan Investment Board.

Tomkins said Monday that it has agreed to allow the consortium to conduct due diligence, but there is no certainty that a firm offer will be forthcoming.

Tomkins says the consortium had made an approach to pay 325 pence per share. Tomkins shares were up 33 per cent to 306.1 pence in late morning trading in London.

London-based Tomkins makes systems and components for automobiles and industry, air handling components and bathroom fixtures.

The company reported a loss of $15.5 million US for the year ending Jan. 2, following a $64.6-million US loss a year earlier.