Philips Stockholders Approve Tomkins Deal

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.