|
TT Electronics PLC on Tuesday agreed to a new takeover bid by Cicor Technologies Ltd, after the company raised its offer to 150 pence a share, all in cash. Bronschhofen, Switzerland-based Cicor develops, and manufactures electronic components, devices, and systems. The revised offer will see Cicor acquire TT for 150p per share, or shareholders can opt to receive 0.0084 of a Cicor share. Woking, England-based TT, which also manufactures electronic components, said the revised offer has its ‘unanimous support’. At the end of October, TT had backed a takeover approach from Cicor, which offered TT shareholders 100p cash and 0.0028 in new Cicor shares. After backing Cicor’s prior deal, TT had said its shareholder DBAY Advisors Ltd, which owns around 16.5% of the company, had proposed multiple all-cash takeovers. These were unanimously rejected. TT said the offers were priced at 122p, 127p and 130p per share. The board of TT had suggested DBAY might have ‘a different agenda’ to other shareholders and reiterated that Cicor’s offer is ‘the best route’ to maximising value. If there is an announcement of an offer or a possible offer for TT by a third party offeror or potential offeror, Cicor can increase the amount and improve the financial terms of the share alternative. Shares in TT rose 4.0% to 147.20 pence a share on Tuesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
