TT Electronics delays takeover vote as panel sets DBAY deadline
TT Electronics PLC on Wednesday pushed back a shareholder vote on its agreed takeover by Cicor Technologies Ltd, granting investors more time for talks after major shareholder DBAY Advisors Ltd signalled it was considering a rival bid.
The company said its court meeting and general meeting, originally scheduled for December 17, will now take place on December 22 in London.
TT said the decision to adjourn was made because directors believe additional time for discussions is in the best interests of shareholders.
The vote will determine whether Cicor’s recommended acquisition proceeds via a court-sanctioned scheme of arrangement.
Under the terms of the revised final offer announced on November 18, shareholders may choose either 150 pence in cash per share or, subject to elections, 0.0084 new Cicor shares.
The board reaffirmed its unanimous recommendation of the Cicor offer.
Separately on Wednesday, the UK takeover panel confirmed that a ‘competitive situation’ has now arisen. DBAY, which announced on Tuesday it was considering a possible cash offer for TT, has been given until Monday to either announce a firm intention to bid under Rule 2.7 or walk away. The same deadline applies if Cicor wishes to set aside its no-increase statement.
The panel said all parties have accepted the ruling.
TT Electronics shares were up 1.5% at 136.00 pence in London on Wednesday afternoon.
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