Small cap components manufacturer TT Electronics experienced a power surge after rival Volex revealed it had made two takeover offers for the firm. Volex said its initial cash and paper bid valued Woking-based TT's shares at 129p each. In a statement, Nat Rothschild, Volex executive chair, said his company believed bringing the two firms together would create a leader in the specialist electronics market. TT Electronics confirmed it had rejected Volex's takeover proposal, and added it had also declined a higher bid from an un-named third party. Off the back of the approaches, TT shares jumped 40.5 per cent, or 32p, to 111p, while Volex shares shed 10.7 per cent, or 37p, to 306.5p.

Source: Daily Mail November 15, 2024 21:54 UTC