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The Gap Partnership

Tomkin's opens international business negotiations with Onex

UK firm receives £2.86 billion bid from Onex

20 July 2010

Tomkins has held international business negotiations with Canadian private equity firm Onex and the Canada Pension Plan Investment Board.

The UK car-parts manufacturer confirmed that it has received a cash bid of £2.86 billion, although no formal offer has been made.

Tomkins market value profited from the possible takeover as shares rose by over 30 per cent to hit a four-year high of 314 pence, which is still below the proposed 325p per share offer.

Increased demand for car components has led to a growth in sales at Tomkins, with the company reporting operating profit of $290 million (£191 million) in the first half of 2010.

It said: "The increase in sales volumes of approximately 23 per cent 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."

Profits are expected to fall throughout the rest of the year as the firm expects the continued economic uncertainty to hit sales.

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