Volex Ends Takeover Bid for TT Electronics

Dow Jones12-12

By Maitane Sardon

Volex said Thursday that it would no longer pursue the acquisition of components manufacturer TT Electronics.

TT Electronics last month rejected the power and data-cabling company's latest bid of 248.6 million pounds ($317 million).

Volex had made two proposals, one implying a price of 129.0 pence for each TT Electronics share, and a second one offering 135.5 pence a share.

"It is now clear that the board of TT Electronics is not willing to recommend an offer at a valuation that is also acceptable to Volex," Volex Executive Chairman Nat Rothschild said.

Volex is still confident in its ability to meet full-year expectations and remains focused on delivering its five-year plan, he added.

London-listed TT Electronics shares traded 12% lower at 105 pence in afternoon trade.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

December 12, 2024 07:35 ET (12:35 GMT)

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