Dec 15 (Reuters) – DBAY Advisors, the biggest shareholder of TT Electronics, said on Monday that it does not intend to make an offer for the British company, withdrawing from a possible bidding war with Swiss firm Cicor.
Shares in TT Electronics fell about 21% to 105 pence in early trading.
DBAY Advisors, which holds a 24.5% stake in TT, said last week it was considering a takeover offer for TT Electronics, and that it continues to view Cicor’s rival offer for TT as “unattractive” and plans to vote against that proposal.
London-listed TT Electronics had said in October that it rejected three unsolicited takeover proposals from DBAY, the last of which was valued at 130 pence per share.
Cicor’s final all-cash offer for TT Electronics is 150 pence per share, alongside an alternative that offers Cicor shares.
TT Electronics and Cicor did not immediately respond to Reuters’ request for comment.
(Reporting by Nithyashree R B in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)
