Board of UK's Tomkins backs $4.37 bln takeover bid

LONDON (AP) - The board of British engineering and manufacturing company Tomkins PLC says it is backing a 2.87 billion pounds ($4.37 billion) takeover bid from private equity firm Onex Corp. and the Canada Pension Plan Investment Board.

Onex and the pension board offered 325 pence per share for Tomkins, which is 41 percent higher than the share price on July 16, the last day before the approach was disclosed.

Tomkins makes systems and components for automobiles and industry, air handling equipment and bathroom fixtures.

Pinafore, the takeover vehicle formed by Onex and the pension board, says it has so far lined up support from holders of about 10 percent of Tomkins shares.