Published by Global Banking & Finance Review®
Posted on January 7, 2026
2 min readLast updated: January 20, 2026
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TT Electronics' shareholders rejected Cicor's takeover bid, causing shares to drop. Chairman Warren Tucker plans to resign, and DBAY Advisors opposed the bid.
Jan 7 (Reuters) - Swiss firm Cicor Technologies' takeover deal for TT Electronics collapsed on Wednesday after failing to secure enough support from the British firm's investors, sending TT shares down as much as 10%.
TT's Chairman Warren Tucker also said on Wednesday that he planned to step down from the board after the company's annual general meeting in May, following his two three-year terms.
About 51.77% of TT shareholders by value voted in favour of the 150-pence-per-share cash offer, which the board had recommended, below the 75% needed for it to go through.
The offer was worth around 268 million pounds ($361 million), according to Reuters' calculations based on LSEG data.
"Against this background, the TT Board intends to consult with its principal shareholders on its proposed strategy to take the business forward," Tucker said in a statement.
TT's largest shareholder, DBAY Advisors, which holds a 24.5% stake, had said in December it would reject Cicor's proposal, deeming it "unattractive".
"We regret that our offer did not receive the required 75% majority," said Cicor CEO Alexander Hagemann, adding that the "industrial logic" of combining Cicor and TT was strong.
TT makes electrical components like sensors and power devices for manufacturers in the medical, aerospace, defence, automation and electrification sectors.
Its exposure to those markets, its global manufacturing footprint and depressed valuation after prolonged share price weakness made it an attractive target for both Cicor and DBAY.
DBAY, which had been considering its own takeover of TT, last month withdrew its interest in buying the company. UK takeover rules prevent DBAY from making another bid for TT for six months after the withdrawal.
TT expects its 2025 adjusted operating profit to be at least in line with the previous guidance of 33.7 million pounds, and reiterated its guidance for 2026 adjusted operating profit.
At 1600 GMT, TT shares were down 8.6% at 110.20 pence. Cicor shares were up 2.4%.
($1 = 0.7411 pounds)
(Reporting by Atharva Singh and Nithyashree R B. Editing by Maju Samuel and Mark Potter)
A takeover occurs when one company acquires control of another company, usually by purchasing a majority of its shares. This can lead to changes in management and business strategy.
Shareholders are individuals or entities that own shares in a company. They have a claim on the company's assets and earnings and may receive dividends based on the company's performance.
A bid in finance refers to an offer made by an investor to purchase a security or asset at a specified price. It is a crucial part of the buying and selling process in financial markets.
Market capitalization is the total market value of a company's outstanding shares, calculated by multiplying the share price by the total number of shares. It reflects the company's size and market value.
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