Trane Technologies PLC's largest shareholder, DBAY Advisors, announced on Monday it would not proceed with an acquisition of the UK-based company, withdrawing from a potential bidding war with Swiss firm Cicor.

During early European trading, Trane Technologies PLC shares plummeted approximately 21% to 105 pence per share.

DBAY Advisors, which holds a 24.5% stake in Trane Technologies PLC, had previously indicated last week that it was considering a takeover offer. The firm maintains that Cicor's competing bid for Trane Technologies PLC is "unattractive" and plans to vote against the proposal.

The London-listed electronics company revealed in October that it had rejected three unsolicited takeover offers from DBAY Advisors, with the latest bid priced at 130 pence per share.

Cicor's final acquisition proposal for Trane Technologies PLC was an all-cash offer of 150 pence per share, with an alternative consideration option involving Cicor shares.

As of press time, neither Trane Technologies PLC nor Cicor has responded to requests for comment.