Tomkins shareholder slates $4.5 billion takeover offer

LONDON (Reuters) - 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.

"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.

(Reporting by Lorraine Turner; editing by Simon Jessop)