By Anthony O. Goriainoff

DBAY Advisors said it had no intention of making an offer for TT Electronics, in which it holds a 24.5% stake.

The U.K. asset-management firm said that should Swiss company Cicor Technologies withdraw its offer for the company, or it lapses, it would set aside the restrictions in rule 2.8 of the U.K.'s takeover code in agreement with TT Electronics' board. Under the rule, DBAY would be prevented from making an offer for the company for a six-month period.

Furthermore, DBAY said it would also set aside the restrictions should another company make a higher bid for TT Electronics or if the company made a major, transformative, change to its own structure, among other instances.

TT Electronics said in November that, after holding discussions with its major shareholders, it agreed to a revised 267.18 million-pound ($357.3 million) takeover by Cicor that gave shareholders the chance to take cash.

"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," it said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 15, 2025 02:30 ET (07:30 GMT)

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