NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY
CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR
IMMEDIATE RELEASE
12 December 2024
Volex plc
("Volex")
No intention to make an offer
for TT Electronics plc ("TT Electronics")
Further to its announcement on 15
November 2024, Volex confirms that it does not intend to make an
offer for TT Electronics.
Lord Rothschild, Executive Chairman of Volex,
commented:
"Volex remains resolutely disciplined in how it allocates
capital and, applying that principle, we will not proceed with an
offer for TT Electronics as 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 remains confident in its ability to meet full year
expectations and remains focussed on delivering its five-year
plan."
This is a statement to which Rule
2.8 of the Code applies.
Under Note 2 on Rule 2.8 of the
Code, Volex reserves the right to set the restrictions in Rule 2.8
aside in the following circumstances:
a) with the agreement of
the board of TT Electronics;
b) if a third party
announces a firm intention to make an offer for TT
Electronics;
c) if TT Electronics
announces a Rule 9 waiver proposal (see Note 1 of the Notes on
Dispensations from Rule 9) or a reverse takeover (as defined in the
Code); and
d) if there has been a
material change of circumstances (as determined by the Takeover
Panel)
Enquiries:
Volex
plc
+44 (0) 12 5644 2570
Lord Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer