A pair of Canadian investment organizations are preparing to make a $4.5 billion bid for British auto parts maker Tomkins Plc., The initiative, by Onex Corp and the Canada Pension Plan Investment Board, was said to be in the advanced stages of due diligence, but was not yet a formal offer. Tomkins is a diverse manufacturer of automotive, industrial and building products. Its automotive brands include Gates and Schrader Electronics. Tomkins issued the following statement: “The Board of Tomkins confirms that it has received a proposal from a consortium comprising the Onex Corporation and the Canada Pension Plan Investment Board (collectively the “Consortium”) to acquire the Company at 325 pence, in cash, per Tomkins share (the “Proposal”). The Board has considered the terms of the Proposal and has allowed the Consortium to conduct due diligence on the Company, which is now at an advanced stage. “This announcement is made with the consent of the Consortium. The Consortium reserves the right, pursuant to Rule 2.4(c) of the UK City Code on Takeovers and Mergers, to reduce the offer price in the event that the Board of Tomkins agrees and recommends an offer at a reduced price. At present, there can be no certainty that a formal offer will be made for Tomkins or the terms on which any offer would be made. “A further announcement will be made when appropriate.” In recent past, Onex had been touted as a possible suitor for Chrysler as the prospects for the automaker dimmed; Fiat eventually acquired the company.