Nat Rothschild’s Volex has canceled a takeover of rival TT Electronics.
The AIM-listed parts maker said £248.6million had been rejected.
Rothschild, executive chairman of Volex, said he ‘will not proceed with the offer as it is now clear that the board of TT Electronics is not willing to accept an offer at a price that is acceptable to Volex’.
Volex ‘has the ability to learn how to distribute capital,’ he added.
Ending the deal: Nat Rothschild, executive chairman of Volex, said the firm will not continue to bid for TT Electronics
TT wrote the statement saying the board ‘remains confident in the company’s financial management framework.
Volex has two bids, one showing a price of 129p per TT Electronics share, and a second price of 135.5pa.
Shares in TT Electronics fell 8.9 per cent, or 10.5p, to 108p while Volex rose 5.8 per cent, or 16.5p, to 303p.
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