TT Electronics shareholder ditches rival bid plans

The biggest shareholder in TT Electronics has said it will not make a bid for the firm, but still plans to vote against the British manufacturer’s planned £287 million takeover.

DBay Advisors, which owns nearly a quarter of TT Electronics shares, withdrew its bid interest ahead of a so-called put up or shut up deadline set by the Takeover Panel for 5pm on December 15.

It had previously said it was considering making an offer for TT Electronics after saying it would not back the agreed sale to Swiss rival Cicor Technologies.

TT Electronics said in October it had agreed a 155p-a-share takeover by Cicor but, soon after, asset management firm DBay said it would vote against the deal, claiming it was “happy with the progress” TT Electronics was making.

Woking-based TT Electronics criticised DBay, claiming it had a “different agenda” in its decision not to back the sale, disclosing that DBay had made three takeover approaches for the firm in the past three months.

DBay had then said last week that it was mulling a bid for TT Electronics, before confirming it would not make an offer.

But it added: “DBay continues to believe that the terms of Cicor’s offer as set out in the scheme document are unattractive, and therefore intends to vote against the scheme of arrangement.”

Shareholders are expected to vote on the deal on Wednesday.

TT Electronics engineers and manufactures products to support sectors from healthcare to aerospace, and has counted customers including BAE Systems and Thales.

The company, which has factories in the UK, North America and Asia, saw the sudden departure of former chief executive Peter France in April, and also warned about the impact of US tariffs on profits, which it said at the time risked affecting its ability to keep operating.

It had also previously described difficulties in its US branch, with slumping demand for the components it produces and ongoing production issues at its factories.