DOORS to handles group Newman Tonks yesterday announced a significant defensive move against a hostile £196 million takeover bid, by agreeing to sell its stake in a Spanish security products manufacturer. Engineering group FKI, based in Halifax, West Yorks, launched the takeover offer for Newman Tonks earlier this week.

Shareholders are being offered either a mixture of cash and shares, valuing the company at £195.7 million, or £182.6 million in cash. Newman Tonks, based in Birmingham, said the £27 million sale of its stake in Tesa would result in a profit of £12 million.