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LONDON - Cicor Technologies Ltd announced Monday that Aberforth Partners LLP has further reduced its stake in TT Electronics PLC, ahead of Cicor's recommended cash and share acquisition of the company.
According to a regulatory filing, Aberforth has disposed of an additional 1 million TT Electronics shares, following a previous sale of 2.5 million shares announced on November 6. As a result, Aberforth now holds 14,253,869 shares, representing approximately 8.00% of TT Electronics' issued share capital.
This reduction affects Aberforth's non-binding letter of intent to vote in favor of the acquisition scheme, which was initially issued for 17,753,869 shares (about 10% of TT Electronics) when the acquisition was announced on October 30.
Following Aberforth's share disposals, the total number of TT Electronics shares subject to either irrevocable undertakings or non-binding letters of intent now stands at 14,531,846 shares, representing approximately 8.16% of the company's issued share capital.
The acquisition, which was recommended by the boards of both companies, is intended to be implemented through a scheme of arrangement under Part 26 of the Companies Act. The transaction will involve both cash and shares, with Cicor acquiring the entire issued and to be issued ordinary share capital of TT Electronics.
The announcement was made in accordance with Rule 2.10(c) of the UK Takeover Code. UBS is acting as sole financial adviser to Cicor, while TT Electronics is being advised by Gleacher Shacklock, Rothschild & Co, and Berenberg.
This information is based on a press release statement issued by Cicor Technologies.
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