TT ELECTRONICS (TTG) – Industrials
| Price: 104.7p -20.9% | P/E: 47x |
| Market Cap: £190m | Yield:1% |
After announcing last week it was considering a possible offer for TTG, DBAY Advisors has turned round this morning and said it’s not making an offer.
However, it might make an offer if the current offer from Cicor is withdrawn or lapses, or if a third party makes an approach or there is a ‘material change of circumstances’.
Our View
DBAY owns 25% of the shares in TT Electronics and has previously rejected Swiss-based Cicor’s 150p per share offer as ‘unattractive’.
Having said it might make a bid, it now says it will vote against the Cicor bid which will have the effect of getting the price down.
This feels like some kind of gamesmanship on the part of DBAY – object to the bid, say you’ll make an offer, then say you won’t, veto the bid, then make an offer at a lower price?
Not quite a ‘get the popcorn’ situation but we’re curious as to how this one ends.
Read the press release here:
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