DBAY Advisors has confirmed it will not make an offer for TT Electronics, ending speculation after it said last week that it was considering a possible bid for the company.

The move follows a takeover panel ruling that DBAY had until 5:00pm today to either announce a firm intention to bid under Rule 2.7 or confirm it would not proceed, a deadline it accepted.

The firm said it reserves the right to set those restrictions aside in specific scenarios, including if Cicor’s offer is withdrawn or lapses (with TT’s board agreement), if a third party launches a firm offer, if TT announces a Rule 9 waiver or a reverse takeover, or if the Panel determines there has been a material change of circumstances.

Switzerland-listed Cicor announced its intention to purchase the Greater Manchester-based company back in October for a price of £287 million.