TT Electronics accepts cash and shares offer from Switzerland's Cicor

TT Electronics PLC on Thursday backed a £287 million takeover approach from Cicor Technologies Ltd.

Bronschhofen, Switzerland-based Cicor develops, and manufactures electronic components, devices, and systems.

Woking, England-based TT, which also manufactures electronic components, said the cash and shares offer values each share at 155 pence.

In response, shares in TT Electronics shot up 60% to 151.40 pence each in London on Thursday.

Under the agreed terms, shareholders in TT will receive 100p cash and 0.0028 in new Cicor shares.

On completion, it is expected that TT shareholders will own 10% of Cicor.

Accepting the offer, TT Chair Warren Tucker explained that TT directors consider TT’s ‘insufficient scale has affected its growth and profitability, and has constrained its ability to optimise its portfolio.’

‘In addition, the uncertain macroeconomic and geopolitical outlook represent elevated risks given TT’s scale,’ he said.

Tucker called Cicor’s offer ‘compelling’, delivering accelerated value for shareholders and representing an ‘attractive premium’ to recent trading levels.

‘TT directors believe that the combination of Cicor and TT represents an exciting opportunity for future growth and is in the best interests of all stakeholders, including our customers and employees,’ he added.

Cicor has received irrevocable undertakings and a non-binding letter of intent in respect of around 10% of TT shares.

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