Not to sell out on the cheap ...23 Jul 2010 09:27
Two leading shareholders in Tomkins warned management of the engineering group last night not to sell out on the cheap. Standard Life, which holds 3% of Tomkins shares, called for the rejection of a £3bn indicative takeover approach from the Canadian private equity group Onex. In a rare public statement, David Cumming, Standard Life’s head of UK equities, said: “We are disappointed that the board of Tomkins has agreed to open the books at 325p. We feel that, at this price, the proposed bid materially undervalues the group and its prospects. Should the board choose to recommend a bid at this level, we will vote against the transaction,” the Times reports.