TT Electronics Rejects £250M Takeover Bid from Volex and Higher Offer from Mystery Suitor

The British electronics firm declines multiple acquisition proposals, citing confidence in its recovery strategy despite operational challenges.

TT Electronics' shares surged by over 50% following the news of takeover interest, although the company rejected offers from both Volex and an unidentified suitor.
Volex's final offer valued TT Electronics at £248.6 million, offering a significant premium over its recent share price.
TT Electronics is dealing with operational difficulties and a decrease in demand, particularly in North America, which have led to a downward revision of its profit forecasts.
The mystery suitor's all-cash proposal was reportedly at a significantly higher value than Volex's offer, yet TT Electronics is not pursuing discussions.
Volex's chairman, Lord Nat Rothschild, criticized TT Electronics' leadership and acquisition strategy, suggesting that a merger would strengthen the companies in the specialist electronics market.