TT Electronics Faces Takeover Tug-of-War as DBAY Has 3 Takeover Bids Rejected

TT Electronics (LON: TTG) finds itself at the center of a takeover battle, with DBAY Advisors Limited voicing opposition to the recommended offer from Cicor Technologies Ltd.

DBAY, a shareholder in TT Electronics, announced its intention not to support the Cicor offer. This stance follows three unsolicited proposals from DBAY to acquire TT, each progressively higher, but ultimately rejected by the TT Board. The latest proposal, submitted on October 7, 2025, valued TT at 130 pence per share.

The TT Board maintains that the Cicor Offer, priced at 155 pence per TT share based on Cicor's closing price on October 29, 2025, represents a 19% premium over DBAY's most recent bid. This valuation gap, amounting to 25 pence per share, forms the crux of the disagreement.

TT’s board emphasizes that DBAY's proposals were subject to conditions, including extensive due diligence and securing financing. These conditions introduced uncertainty and potential delays, which the board weighed against the certainty of the Cicor offer.

The board believes DBAY may have interests that diverge from those of other shareholders. This assertion suggests a potential conflict of interest, with the board prioritizing a deal it deems more beneficial to the broader shareholder base.

TT Electronics' financial advisors, Gleacher Shacklock and Rothschild & Co., supported the board's unanimous rejection of DBAY's proposals. Their involvement underscores the rigorous evaluation process undertaken by the company.

The potential for a higher bid from DBAY exists, but is not guaranteed. The Cicor offer provides a concrete exit strategy, but its acceptance hinges on shareholder approval.