Cicor has revised its £287m takeover approach for TT Electronics through an all-cash offer.

The offer comprises 150 pence in cash per TT share, representing a premium of 58% on its closing share price on 29 October.

The British firm, which engineers and manufactures electronic solutions for critical applications, said the revised offer follows "constructive feedback" between its directors and its major shareholders.

It comes after DBAY, which owns a 16.5% share in TT, said that it would reject the Swiss firm’s offer last month, which comprised 100 pence in cash per share and 0.0028 new Cicor shares.

DBAY said that it had been happy with the firm’s recent progress, with TT stating that its shareholder had a "different agenda" to other investors.

In the latest update, Cicor stated that while it believes the original offer represented "full and fair value" for TT, it acknowledges the concerns of some TT’s shareholders that cannot, or do not wish to, hold Swiss listed shares.

As a result, TT shareholders who would prefer to receive cash consideration in respect of the entirety of their holdings of TT shares are able to do so without taking any further action.

Furthermore, shareholders who wish to receive new Cicor shares can still do so if they want to remain invested in the enlarged group after the acquisition completes.

TT's directors now intend to recommend unanimously that shareholders vote in favour of the offer.

---