Philips Stockholders Approve Tomkins Deal
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DAYTON, Ohio — Philips Industries Inc. shareholders approved the acquisition of their company by Tomkins PLC of the United Kingdom in a deal valued at $570 million.
The transaction was approved by majority vote at a special shareholders meeting called by Daton-based-Philips
Philips makes windows and other housing components and employs about 10,000 workers at 56 sites worldwide. Tomkins is a British holding company whose products include lawn mowers, bicycles and guns.
E.L. Ryan, Philips’ secretary, said more than 60% of the shareholders voting approved the deal. He said the transaction will become final with the filing of documents with the state.
Under the agreement, Philips shareholders will receive $18.50 per share, about 32% over the selling price of Philips common shares on June 4, the day befores the announcement of an agreement in principle.
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