DBAY has announced that it has no intention of making an offer to acquire TT Electronics.

The firm, which owns a 16.5% stake in the electronic solutions manufacturer, had previously said that it would reject a £287m takeover offer from the Swiss firm, Cicor, earlier this year, which comprised of 100 pence in cash and 0.0028 new Cicor shares.

It added that it was happy with the progress that TT Electronics was making and therefore would not accept the offer.

Following this, Cicor amended its offer to comprise 150 pence in cash, representing a premium of 58% on TT’s closing share price on 29 October.

Under takeover rules, DBAY has the right to set aside Rule 2.8 in the event that Cicor withdraws its offer or a third party announces a firm intention to make an offer for TT Electronics.

In its statement, DBAY said that it continues to believe that the terms of Cicor’s offer are “unattractive” and it therefore intend to vote against the takeover.

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