Country & Metropolitan, which is half the size of Tay, with a market capitalisation of £15m, has built up a 26% stake in the housebuilder.
Sources close to the bid said nothing was likely to happen in the short term with Country & Metropolitan chief executive Stephen Wicks away on holiday for two weeks.
But the delay has raised the possibility in the City that another housebuilder may step in and snap up Tay with a higher bid.
Tay would be attractive to other housebuilders that aren’t in the North-east and Scotland
One analyst said: "Tay, with its land in the North-east and Scotland, would be attractive to other housebuilders that aren't in those areas. Country and Metropolitan may cut its losses and sell its stake for a profit."
Another analyst even speculated that Tay might be holding out for a white knight to come up with a friendly takeover.