Ex-Tomkins boss Hutchings is disappointed by sale price

THE former boss of engineering group Tomkins yesterday attacked the £2.9bn takeover of the firm as “disappointing” for shareholders.

Greg Hutchings, who spent 17 years with the firm, said yesterday the proposed takeover of the British engineering group by US private equity Onex Corporation and the Canada Pension Plan Investment Board was “disappointing” for shareholders.

He added: “I am amazed that some shareholders are happy to see Tomkins being sold at the bottom of the market.”

Hutchings was not the only person to put up a public protest of the takeover.

On Tuesday, Standard Life Investments, criticised the takeover and said that the transatlantic offer “undervalues Tomkins’ future”.

But the takeover has already received an overwhelming approval from 90 per cent of Tomkins shareholders, which voted the deal through on Tuesday.

Among those voting in favour of the deal were Schroders and Aberdeen Asset Management.