11:51 AM EST - KCP Income Fund : reports that investors in the KCP Income Fund (TSX:KCP.UN) have overwhelmingly endorsed the $804-million takeover of the consumer products manufacturer by a New York private equity fund. In a brief meeting Tuesday at a downtown hotel, KCP unitholders voted 99.6 per cent in favour of the acquisition by Caxton-Iseman Capital Inc. The deal, announced April 2, values KCP units at $10 each - their issue price in August 2002 - or a total of $441 million, with the rest of the $804-million price representing exchangeable debentures. The sale agreement, at a price 25 per cent above the value of KCP units before the deal was announced, followed the trust's move in November to "undertake a strategic process." Since going public as an income trust, KCP, headquartered just north of Toronto in Concord, Ont., has seen its unit price go as high as $13 in May 2003, then fall to the $7 level before the November announcement. KCP Income Fund
units KCP.UN:CA are trading up one cent at $10.01.
