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TT Electronics PLC shareholder DBAY Advisors Ltd on Wednesday said it was pleased Cicor Technologies Ltd did not succeed in buying TT Electronics. Meanwhile TT Electronics Chair Warren Tucker announced his intended resignation. The takeover of TT Electronics, a Surrey, England-based electronic connector manufacturing company, which was recommended by the TT Electronics board, did not receive enough votes in favour at court and general meetings which took place on Wednesday. The planned takeover received 51.77% of scheme shares in favour, well below the 75% required. TT Electronics said: ‘The TT board notes that the acquisition will not now proceed. The result is clear and the TT board will continue to focus on existing business delivery. Against this background, the TT board intends to consult with its principal shareholders on its proposed strategy to take the business forward. ‘TT is clearly at an inflection point and accordingly, after two three-year terms as chairman, I have informed the TT board that I intend to step down. The TT board has asked me to remain until the annual general meeting in May in order to allow for an orderly transition. The TT board will now commence the process for identifying my successor.’ DBAY Advisors, which owns 24.5% of TT, welcomed the outcome of the failed buyout bid: ‘DBAY believes TT Electronics is a great business and is well positioned to benefit from its exposure to structurally attractive growing markets, including favourable tailwinds in the defence sector. Since acquiring shares in TT Electronics, DBAY has been pleased with the improvements the company has been making as regards operational efficiency, productivity and financial performance. As a core shareholder, DBAY will take a long-term view on its investment in TT Electronics and will support the company’s continued investment in its business and employees.’ DBAY Managing Director Daniel Aharoni said: ‘We believe this is a positive outcome for shareholders and all the company’s stakeholders. Management can now focus fully on executing its strategy, delivering sustainable long-term growth and profitability and unlocking greater shareholder value, while continuing to invest in its highly talented people and deliver for customers and other stakeholders.’ Back in December, DBAY had announced it was considering a takeover offer for TT, but then opted against it while deciding to vote against the agreed takeover by Cicor, which it deemed to be ‘unattractive.’ Meanwhile, TT on Wednesday said it expects 2025 adjusted operating profit to be at least in line with previous guidance of £33.7 million, compared to £37.1 million in 2024. Expectations for 2026 adjusted operating profit remain unchanged, it added. TT shares fell 8.2% to 110.20 pence each on Wednesday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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