Tomkins sholder slates $4.5 bln takeover offer

* Standard Life Investments says approach too low

* Tomkins says too early in proceedings to comment

LONDON, July 22 (BestGrowthStock) – A shareholder in Tomkins
(TOMK.L: ) urged the UK car parts maker on Thursday to reject the
325 pence cash offer approach from a consortium, and said it
would not back any the deal if it were to go ahead.

Standard Life Investments, a 2.9 percent shareholder, said
it was disappointed by the Tomkins board agreeing to open its
books to the consortium of Onex Corp (OCX.TO: ) and the Canada
Pension Plan Investment Board.

“The proposed bid materially undervalues the group and its
prospects,” said David Cumming, Head of UK Equities at Standard
Life Investments.

“Should the board choose to recommend a bid at this level we
will vote against the transaction as we do not believe that it
is in the best interests of shareholders,” he added.

Tomkins, which received the $4.5 billion bid approach on
Monday, said it was too early in the proceedings to comment on
possible shareholder revolt against the deal. [ID:nLDE66I06K]

“We note the comments from one of our shareholders. We are
not in receipt of a formal offer so it is too early to comment
at this stage,” said a Tomkins spokesperson.

Stock Market Money

(Reporting by Lorraine Turner; editing by Simon Jessop)

Tomkins sholder slates $4.5 bln takeover offer