TT Electronics shareholders reject acquisition offer from Cicor
Shareholders of TT Electronics have rejected an acquisition offer from Swiss EMS provider Cicor Technologies after failing to approve the proposed transaction at court and general meetings held on January 7, 2026.
According to Cicor, the offer did not achieve the required 75% majority of votes present and cast. As a result, the proposed acquisition will not proceed.
The offer had been supported by TT Electronics’ board of directors, but the required shareholder approval was not secured.
Following the termination of the transaction, Cicor stated that approximately CHF 5 million in transaction costs, which would otherwise have been capitalised, will be recognised as operating expenses, along with approximately CHF 2 million in financial expenses in its 2025 income statement. These costs are primarily related to advisory services, regulatory approvals and bridge financing.
As a consequence, Cicor has revised its full-year 2025 guidance. Reported EBITDA is now expected to be in the range of CHF 53 million to CHF 57 million, compared with previous guidance of CHF 58 million to CHF 62 million. Adjusted for one-off effects of approximately CHF 10 million, the company continues to expect EBITDA of between CHF 63 million and CHF 67 million.
Cicor CEO Alexander Hagemann said that while the company regrets the outcome of the vote, it maintains financial discipline as a core principle of its merger and acquisition strategy.
“We regret that our offer did not receive the required 75% majority and thus the scheme of arrangement has lapsed. We continue to believe the two companies have an excellent strategic and financial fit and that the industrial logic of combining Cicor and TT is strong. I am pleased that a majority of TT shareholders share that view. However, we were always transparent about the financial discipline that is paramount to successfully delivering on Cicor's value-accretive M&A strategy”.