 |
 |
Standard Life rejects GBP 29bn Tomkins offer
July 23, 2010
The planned £2.9billion takeover of engineering group Tomkins by a Canadian buyout consortium has been slammed by Standard Life, which said it was 'disappointed' the board had opened its books to the raiders.
David Cumming, head of UK equities at Standard Life Investments, which owns almost 3 per cent of Tomkins, said the bid by Onex Corporation and the Canada Pension Plan Investment Board ' materially undervalues' the group.
He said: 'We are disappointed that the board of Tomkins has agreed to open the books to (the) consortium at 325p, in cash, per Tomkins share.
Original Posting At: DailyMail
Additional Posting At: TheGuardian
David Cumming, head of UK equities at Standard Life Investments, which owns almost 3 per cent of Tomkins, said the bid by Onex Corporation and the Canada Pension Plan Investment Board ' materially undervalues' the group.
He said: 'We are disappointed that the board of Tomkins has agreed to open the books to (the) consortium at 325p, in cash, per Tomkins share.
Original Posting At: DailyMail
Additional Posting At: TheGuardian
|
