By Anthony O. Goriainoff

TT Electronics reiterated its support for Cicor's 287 million pound ($377.4 million) takeover bid after its largest shareholder, DBAY Advisors, said it wouldn't approve the deal, having submitted its own proposals recently.

The electrical-solutions manufacturer said Friday that DBAY had submitted three offer proposals over the past three months, the last of which was received on Oct. 7 at 130 pence a share. All three proposals, which had a number of conditions attached, were rejected by the board.

On Thursday TT said it agreed to be taken over by Swiss company Cicor Technologies in a deal offering shareholders 100 pence in cash and 0.0028 new Cicor shares.

The offer valued each TT share at 155 pence based on Cicor's share price and was a 63.5% premium to the London-listed company's closing share price of 94.80 pence Wednesday.

DBAY--which owns 16.5% of TT--subsequently said that it didn't support the bid as it was happy with the progress the company was making.

The investment company added that it wouldn't vote in favor of the deal at either the court or general meetings, which are expected to be held in December.

TT Electronics said Friday it had spoken to several shareholders, including DBAY, and welcomes their views.

"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," it said.

Shares were down 2 pence, or 1.3%, at 149.80 pence in early morning European trading. They are currently up 42% over the year to date.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 31, 2025 04:54 ET (08:54 GMT)

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