TT Electronics tumbles as top shareholder scraps takeover offer

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)

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