Tomkins Plc, a private equity-owned manufacturer of auto parts and building products, has hired Bank of America Merrill Lynch, Goldman Sachs Group and Morgan Stanley to lead an initial public offering that could value the company at as much as $7 billion, people familiar with the matter said. Onex Corp and the Canada Pension Plan Investment Board (CPPIB), which acquired Tomkins in 2010 for $5 billion including debt, will also explore an outright sale of Tomkins to another company in what is known as a "dual track" process, the people said on Thursday.Reuters reported on Nov. 22 that the takeover firms were interviewing investment banks to sell Tomkins to another party or float it in the stock market, with a process to explore both possibilities expected to start in the first quarter.The people asked not to be identified as the matter is not public. Representatives of Tomkins, Onex and Morgan Stanley did not immediately respond to requests for comment. CPPIB, Bank of America and Goldman Sachs declined to comment.London-based Tomkins has operations in over 30 countries and sells products ranging from power transmission systems to acrylic bathtubs in over 70 countries, according to its website.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.31% or $-0.205/share to $15.42. In the past year, the shares have traded as low as $10.29 and as high as $15.98. On average, 93323296 shares of BAC exchange hands on a given day and today's volume is recorded at 50143808.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 2.44% or $-0.76/share to $30.37. In the past year, the shares have traded as low as $16.69 and as high as $31.85. On average, 13024300 shares of MS exchange hands on a given day and today's volume is recorded at 7032623.
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