Oxford Instruments had been in talks with Andor for some months before making its interest public on 12 November, a move that Andor said was “premature” and “unhelpful” in light of the negotiations.
Oxford Instruments said yesterday it had confirmed its 500p a share bid to the target company’s board and it was seeking its endorsement.
The Andor board acknowledged it had received the offer, and said it expected to be able to update shareholders on its position no later than its full year results announcement on 2 December 2013.
“In the meantime, Andor shareholders are urged to take no action in relation to the possible offer,” the company said in a statement.
Dominic Lester and Tariq Hussain at Jefferies are acting as financial advisers to Andor, while Evercore’s Bernard Taylor and Julian Oakley are lead advisers to Oxford Instruments, with JP Morgan Cazenove acting as joint adviser and corporate broker to the firm.