A shareholder in TT Electronics Plc says it will reject the £287 million takeover offer from Swiss electronics firm Cicor Technologies Ltd.
DBAY, which owns a 16.5% stake in TT, said it is “not supportive of the acquisition”.
TT responded by revealing that it had rejected three “highly conditional” offers from DBAY for the company in the last three months, adding: “Against this background, the board of TT believes that DBAY may in some respects have a different agenda to other TT shareholders.”
It said DBAY’s first offer was at a price of 122 pence per TT share, the second at 127p and the third, received on 7th October 2025, at 130p.
“Each of these proposals was unanimously rejected by the TT board after careful consideration together with TT’s financial advisers Gleacher Shacklock and Rothschild & Co,” it said.
“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.
“The value of the Cicor offer, being 155p per TT share based on the closing price of Cicor shares on 29th October 2025, is 25p or 19% higher than DBAY’s latest proposal.
“The board of TT remains focused on delivering maximum value for all shareholders and believes the Cicor offer is the best route to achieving this objective.”
Cicor is a global provider of full-cycle electronic solutions for the healthcare technology, industrial, and aerospace & defense sectors. TT, listed on the London Stock Exchange, is a provider of engineered electronics for ‘performance critical’ applications.
TT shareholders are expected to vote on the transaction in December 2025. The offer has the full support of the board at TT, which has gone through operational and some leadership changes in recent months, and revealed plans to close its site in Texas in June.
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TT, in revealing the Cicor deal yesterday morning, stated: “There remain several challenges and the overall market is impacted by tariff related order delays, some end market weakness and an uncertain macroeconomic outlook.
“Against this background, the TT directors remain confident in the long-term prospects of the business. However… investor sentiment in the UK public markets, particularly towards companies with market capitalisations of a smaller scale, remains subdued and is set against a backdrop of elevated geopolitical and macroeconomic volatility.
“Accordingly, the TT directors consider that the prospect of a sustained and material re-rating of TT Shares in the near term is limited.”
The transaction requires approval by TT shareholders representing more than 50% by number and 75% by value of those voting. No shareholder approval is required from Cicor.
The deal would see TT de-list from the London Stock Exchange, with the combined group remaining its listing in Switzerland. Eric Lakin (pictured), CEO of TT, is expected to join the combined group management team.
The enlarged Cicor Group will operate an agile and competitive platform through the combination of TT’s global manufacturing footprint across North America, the UK, China and South-East Asia, and Cicor’s base across the UK, Europe, China and South-East Asia.
The firms said the acquisition presents a significant opportunity in the US to leverage TT’s manufacturing sites and Cicor’s operational expertise to accelerate revenue growth in the United States.
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