The Tomkins takeover bid has thrown up a rarity: a fund manager who speaks up

Well done, David Cumming of Standard Life Investments, who told the board of Tomkins that he would vote against any offer at 325p a share, or £2.9bn. Further, Cumming said the board should not have opened the books to the would-be bidder, a consortium comprising a private equity group and pension fund from Canada. Such dissent is rare. Too often, fund managers say nothing even when they believe the suggested offer price is too low. Many don't look beyond the upward kick to their next quarterly performance statistics; alternatively, they gamble that the bidder can be nudged a little higher on price. In the case of Tomkins, the rationale for resisting 325p is strong. As argued here the other day, this a bad moment to contemplate a sale. The pound is weak and the full benefits of Tomkins's clean-up of its portfolio have yet to be felt. Other big investors should say whether they agree with Cumming. It's the silence we can't stand.