DBAY mulls TT Electronics bid to rival 'unattractive' Cicor offer
TT Electronics PLC shareholder DBAY Advisors Ltd said Tuesday it is mulling making an offer for the electronic components maker.
DBAY, which owns just under 25% of TT Electronics, believes the latest offer by Cicor Technologies Ltd is ‘unattractive’. Cicor, which is in pole position to acquire TT Electronics, last month raised its offer to 150 pence a share, all in cash.
‘DBAY has been granted access to due diligence by the board of TT Electronics, but there can be no certainty that any offer for the company will be made,’ DBAY said Tuesday.
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.
At the end of October, TT had backed a prior takeover approach from Cicor, which offered TT shareholders 100p cash and 0.0028 in new Cicor shares. The deal valued TT at around £287 million.
That prior Cicor bid drew the ire of DBAY.
DBAY said in October: ‘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.’
TT said in October it received multiple takeover bids from DBAY. It said the offers were priced at 122p, 127p and 130p per share.
TT Electronics shares traded 2.1% higher at 134.00p each in London on Tuesday afternoon.
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