TT Electronics has said that its shareholder, DBAY, has a "different agenda" to other shareholders, after the firm said it would reject Cicor’s £287m takeover offer.

The British electronic solution manufacturer accepted the acquisition offer from the Swiss firm yesterday, stating that it represented an attractive premium to recent trading levels.

However, DBAY, which owns a 16.5% share in TT Electronics, said that while it was happy with the progress the business is currently making, it does not support the acquisition.

It comes after DBAY made three "highly conditional unsolicited all-cash proposals" in the last three months, TT Electronics stated, with the highest standing at 130 pence per share.

With Cicor’s offer being 19 pence more per share, TT Electronics said that DBAY have a “different agenda” to other shareholders, and the board remains focused on "delivering maximum value for all shareholders".

It also stated that it believes the Cicor offer is the best route for achieving this objective.

Following the announcement, shares in TT Electronics fell marginally by 0.20%, after increasing by almost 60% yesterday.

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