DBAY Advisors Abandons Takeover Bid for TT Electronics

DBAY Advisors Limited has announced that it will not be making an offer for TT Electronics (LON: TTG), ending speculation that began on December 9, 2025.

The decision follows a ruling by the Panel on Takeovers and Mergers requiring DBAY to either make a firm offer or withdraw its consideration by December 15, 2025. DBAY has accepted the ruling and confirmed its withdrawal.

DBAY is now bound by the restrictions under Rule 2.8 of the Takeover Code, preventing them from making another offer for six months, except under specific circumstances.

These exceptions include the withdrawal or lapse of the offer by Cicor, a third party announcing a firm intention to make an offer, TT Electronics announcing a Rule 9 waiver or a reverse takeover, or a material change of circumstances as determined by the Panel.

Despite abandoning its own takeover attempt, DBAY remains critical of the existing offer from Cicor. The firm stated that it continues to believe the terms of Cicor's offer are “unattractive” and intends to vote against the proposed scheme of arrangement.

Driver Breakdown:

• Cicor's Offer: The fate of Cicor's offer remains a key driver. DBAY's opposition adds uncertainty and could prompt Cicor to revise its terms.
• Rule 2.8 Restrictions: The limitations imposed on DBAY under Rule 2.8 significantly reduce the likelihood of a competing bid in the near term, absent exceptional circumstances.
• Shareholder Sentiment: The collective view of TT Electronics shareholders regarding the Cicor offer will ultimately determine the outcome. DBAY's dissenting voice could sway opinions.

DBAY's continued opposition to the Cicor offer suggests they see inherent value in TT Electronics that is not adequately reflected in the current terms.

This could signal an opportunity for other investors if the Cicor deal falls through and TT Electronics remains an independent entity.