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Investing.com -- Swiss electronics manufacturer Cicor has revised its offer for UK-based TT Electronics Plc, introducing a final all-cash offer of 150 pence per share with a share alternative, which has received unanimous support from the TT Electronics board of directors.
The revised proposal replaces Cicor’s initial offer announced on October 30, which consisted of 100 pence in cash and 0.0028 Cicor shares per TT share, equivalent to 50 pence based on Cicor’s volume-weighted average price (VWAP), for a total value of 150 pence per TT share.
To finance the increased cash component, Cicor will use an amended bridge facilities agreement and plans to raise approximately CHF75 million through a new share placing to maintain a conservative capital structure.
Cicor’s expected pro forma net leverage will vary depending on how shareholders elect to receive their consideration. The company projects leverage of approximately 2 times by the end of 2026 if all shareholders opt for shares, or around 2.75 times if all choose cash.
The TT board’s unanimous recommendation comes as the revised offer represents a premium of approximately 58% to TT’s closing share price of 95 pence on October 29, 47% to the three-month volume-weighted average price of 102 pence, and 105% to the share price of 73 pence on April 30, which was six months prior to the date of the original offer announcement.
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