OXFORD Instruments yesterday agreed to buy Andor Technology for £176m after its raised bid was accepted by the board of the scientific digital camera-maker.
Oxford Instruments, which designs and manufactures tools for industry and research, had offered 500p per share in cash for Andor Technology last month, but the approach failed to impress Andor’s board.
Its final offer of 525p, made on Friday, was conditional on it winning the backing of the Northern Ireland-based company. It represents a 31 per cent premium to Andor’s share price in November before Oxford’s approach was made public.
“After several months spent carefully evaluating our strategic alternatives, the Board believes that the offer represents the best possible means of maximising shareholder value in the short to medium term,” Andor chairman Colin Walsh said.
City A.M. Reporter