DBAY backs out of TT Electronics bid, remains critical of Cicor offer

(Sharecast News) - Shares in TT Electronics tanked on Monday after major shareholder DBAY Advisors walked away from a possible takeover and reiterated plans to vote against a planned £287m approach by rival Cicor Technologies. The stock soared in October after the Woking-based electronic components manufacturer received a 155p-a-share bid by Swiss outfit Cicor, only for DBAY to voice its disapproval.

DBAY then announced last week that it was considering its own approach, but revealed on Monday before its 1700 GMT deadline that it has no intention to make an offer.

The share price, which rose to a 14-month high of 154.8p in October, was down around 18% at 109.18p by 0833 GMT.

"In line with its announcement of 9 December 2025, DBAY continues to believe that the terms of Cicor's offer as set out in the scheme document are unattractive, and therefore intends to vote against the scheme of arrangement," TT Electronics said.

Under UK takeover panel rules, DBAY now has a six-month restriction from making an offer, but reserves the right to set those restrictions aside if the Cicor offer is withdrawn or lapses, if another third party shows firm interest, or if there is a "material change of circumstances".