Tomkins plc may be sold to investors

ERJ staff report (DS)

London -- Tomkins plc - which owns Gates Rubber and Schrader Electronics, has received an offer to purchase its shares, subject to due diligence and other tests.

In a stock market communication, the comapny said, "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." Tomkins said there are a number of conditions on the sale, including due diligence, and that, "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. "

Following the interim management statement that was issued on 6 May 2010, the Group's performance continued to improve throughout the remainder of the first half of 2010. The sales momentum that started in the second half of 2009 continued through the first half of 2010. The increase in sales volumes of approximately 23 percent year on year was driven by a combination of restocking and strengthening demand, offset to some extent by continued declines in the US construction markets.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Tomkins