Response to announcement by DBAY Advisors Limited
TT Electronics has received and rejected three unsolicited all-cash proposals from DBAY Advisors Limited to acquire TT. The initial proposal was for 122 pence per share, followed by 127 pence per share, and the most recent, received on October 7, 2025, was for 130 pence per share. The TT Board considers these proposals highly conditional. The Board highlights that the Cicor Offer is valued at 155 pence per TT share based on the closing price of Cicor shares on October 29, 2025, which is 25 pence, or 19 percent, higher than DBAY's latest proposal. The Board believes the Cicor Offer delivers maximum value for all shareholders.
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TT notes the statement released by DBAY on 30 October 2025 in response to the earlier announcement of the recommended offer for TT by Cicor Technologies Ltd. ("Cicor") (the "Cicor Offer") in which DBAY stated it does not intend to vote in favour of the Cicor Offer. The Board of TT has had dialogue with several shareholders and welcomes the views of all of its shareholders, including DBAY.
The Board of TT notes that, in the last three months, it has received three highly conditional unsolicited all-cash proposals from DBAY to acquire TT. The first was at a price of 122 pence per TT share, the second at 127 pence per TT share and the third, received on 7 October 2025, at 130 pence per TT share. 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.
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 155 pence per TT share based on the closing price of Cicor shares on 29 October 2025, is 25 pence or 19 per cent. higher than DBAY's latest proposal of 130 pence per TT share.
Against this background, the Board of TT believes that DBAY may in some respects have a different agenda to other TT shareholders. 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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.