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.
