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Investing.com -- TT Electronics Plc (LON:TTG) has rejected three unsolicited takeover proposals from private equity firm DBAY Advisors over the past three months, with the most recent offer valuing the company at 130 pence per share.
The British company announced Friday it continues to favor the higher 155 pence per share offer from Swiss firm Cicor Technologies that was made public on Thursday. The Cicor offer represents a 19% premium over DBAY’s latest proposal.
TT Electronics received three "highly conditional" all-cash proposals from DBAY, starting with an initial offer of 122 pence per share, followed by 127 pence, and finally 130 pence per share on October 7. The company’s board unanimously rejected all three proposals after consultation with financial advisers Gleacher Shacklock and Rothschild & Co.
DBAY’s proposals included several conditions, including an eight to ten week due diligence period and securing financing. On Thursday, DBAY stated it does not intend to vote in favor of the Cicor offer.
TT Electronics’ board suggested DBAY "may in some respects have a different agenda to other TT shareholders" and maintained that the Cicor offer represents the best path to delivering maximum value for all shareholders.