Volex PLC (AIM:VLX) has ditched its bid for smaller rival TT Electronics PLC (LSE:TTG) after several rejected attempts.
AIM-listed manufacturing specialist Volex on Thursday said it no longer intended to make an offer for TT in a statement.
“Volex remains resolutely disciplined in how it allocates capital and, applying that principle, we will not proceed with an offer for TT Electronics,” executive chair Nat Rothschild said.
“It is now clear that the board of TT Electronics is not willing to recommend an offer at a valuation that is also acceptable to Volex.
“Volex remains confident in its ability to meet full-year expectations and remains focussed on delivering its five-year plan.”
Volex had tabled two bids and in November accused TT’s board of “execution missteps” after noting it had not engaged over the offer.
The second bid of 139.6p per share reflected a 77% premium on TT’s share price at the time.
Volex jumped 7.1% to 306.75p on Thursday, while TT slumped 8.4% to 108.50p