TT Electronics PLC (LSE:TTG) has revealed that it rejected three "highly conditional" take-private proposals from DBAY Advisors over the last three months,
Yesterday, after the UK small-cap announced that it had agreed to be taken over by Swiss rival Cicor Technologies in a cash and shares deal, DBAY, which has a 16.5% stake in TT, put out a statement to say it is "not supportive of the acquisition".
The deal with Cicor will see shareholders receive 100p in cash and 0.0028 new Cicor shares for each TT share they own, valuing the company at 155p per share based on the Bronschhofen-based firm's latest closing price.
In today's statement, TT said notes DBAY's first offer was at a price of 122p per share, the second at 127p per TT share and the third at 130p, received on 7 October.
TT noted that the Cicor offer is therefore 19% higher than DBAY's latest proposal, which was "subject to a number of assumptions and conditions, including undertaking due diligence, which DBAY expected to take eight to ten weeks, and securing financing".
The TT board said it therefore believed that DBAY's intention to vote against the deal may be because it has "a different agenda to other TT shareholders".
"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."