31st Oct 2025 11:42
(Alliance News) - TT Electronics PLC on Friday noted multiple takeover bids from DBAY Advisors over the last three months, after the latter said it will not vote in favour of TT's acquisition by Cicor Technologies Ltd.
Bronschhofen, Switzerland-based Cicor makes electronic components, devices, and systems.
Woking, England-based peer TT on Thursday recommended shareholders approve a Cicor buyout valuing TT at GBP287 million. Cicor's cash and share offer values each TT each share at 155 pence.
The agreed terms see TT shareholders receiving 100p cash and 0.0028 in new Cicor shares for each share held, meaning they will own 10% of Cicor on completion.
TT shares were down 0.9% at 150.37p on Friday morning in London. Cicor shares were flat at CHF213.00 each in Zurich.
DBAY Advisors Ltd, a Douglas, Isle of Man-based asset manager, owns around 16.5% of TT as of Thursday. Over the last three months, TT said it received "three highly conditional unsolicited all-cash proposals from DBAY to acquire TT" which were unanimously rejected.
It said the offers were priced at 122p, 127p and 130p per share, respectively, which puts Cicor's offer about 19% ahead of DBAY's highest bid, based on Cicor's closing price on Wednesday.
"The proposals received from DBAY were each subject to a number of assumptions and conditions, including undertaking due diligence which DBAY expected to take eight to ten weeks, and securing financing," TT added.
This came in response to a statement released by the asset manager on Thursday, which noted: "DBAY is happy with the progress the business is currently making, and is therefore not supportive of the acquisition. Accordingly, DBAY does not intend to vote in favour of the scheme of arrangement at the court meeting, nor the resolutions to be proposed at TT Electronics' general meeting."
The board of TT has suggested DBAY may have "a different agenda" to other shareholders and reiterated that Cicor's offer is "the best route" to maximising value.
By Holly Munks, Alliance News reporter
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