Surrey-based engineering group TT Holdings looks set to buy troubled Ayrshire electronics firm Prestwick Holdings by today (21 May) – the closing date for offer acceptances.
TT already holds 26% of the shares of the printed circuit board manufacturer and its offer is the only one on the table for Prestwick. US printed circuit board maker Circuit-Wise has withdrawn from offer talks.
The boards of TT and Prestwick are urging shareholders to accept TT’s 1p-a-share offer, which values the firm at less than £700,000.
Prestwick chief executive Pat Moore said: `We need refinancing, and the longer this thing drags on the worse our situation becomes.’
Without TT’s offer, Prestwick, which employs 540 people, is likely to go under. Prestwick is understood to have liabilities of around £11.5m and made an interim loss last year of £1.1m.