TT Electronics PLC (LSE:TTG) shares rose 4% to 147.23p after Swiss group Cicor Technologies unveiled a more flexible final offer for the British engineering firm, adding an all-cash alternative to its previous cash-and-shares proposal.
Cicor’s original bid, announced in late October, offered 100p in cash plus a small slice of new Cicor shares for each TT share.
The revised terms, which have been recommended by the board, now give investors a straight choice: 150p in cash per share, or 0.0084 Cicor shares, a share alternative priced to match the same 150p value.
The sweetener follows what both companies described as “constructive engagement” with TT’s board and major investors, some of whom had pushed back against receiving Swiss-listed shares.
Cicor said it still believed its original proposal offered full value but accepted that some shareholders either could not or did not want to hold its stock.
The new structure keeps the headline value unchanged but provides far greater flexibility.
Investors who prefer cash can simply do nothing and receive the higher 150p payout.
Those who want to stay invested in the enlarged group can elect to take Cicor shares instead, although elections may be scaled back if demand exceeds a set limit.
The bid terms are labelled as final unless a rival suitor emerges.
TT’s board has unanimously reaffirmed its support for the deal, calling both the cash offer and the share alternative “fair and reasonable”.