Silvermines, the Dublin-listed but British-based electronics group that has been the focus of takeover talk for some months, will not after all be facing a bid from the British engineering group TT Holdings.

TT built up a 6 per cent stake in Silvermines last year in what was seen as a precursor to a possible bid. But in a statement issued just before the market closed last night, TT disclosed that it has sold its entire stake in Silvermines. The main buyer was Edinburgh Small Companies Trust, which increased its stake in Silvermines to 5.35 per cent.