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DBAY Advisors Ltd on Monday said it plans to vote against a planned £287 million takeover of TT Electronics PLC but ruled out making a bid itself. DBAY Advisors, the Isle of Man-based asset management firm, is the largest shareholder in TT Electronics, with a just under 25% stake. Last Tuesday, DBAY said it was considering making a bid for Woking, England-based TT, which manufactures electronic components. However, on Monday, DBAY ruled out such a move, confirming it will instead vote against the agreed takeover by Switzerland’s Cicor Technologies Ltd, a bid it deems to be ‘unattractive’. Shares in TT Electronics slumped 16% to 111.64p each in London on Monday morning. Bronschhofen, Switzerland-based Cicor develops and manufactures electronic components, devices, and systems. Last month, Cicor amended its offer for TT to 150 pence a share, all in cash. TT shareholders can opt to receive 0.0084 of a Cicor share. At the end of October, TT had backed a prior takeover approach from Cicor, which offered TT shareholders 100p cash and 0.0028 in new Cicor shares. The deal valued TT at around £287 million. That prior Cicor bid drew the ire of DBAY. DBAY said in October: ‘DBAY does not intend to vote in favour of the scheme of arrangement at the court meeting, nor the resolutions to be proposed at TT Electronics’ general meeting.’ TT said in October it received multiple takeover bids from DBAY. It said the offers were priced at 122p, 127p and 130p per share. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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