Friday 20 April 2018

Andor 'disappointed' by the timing of €198m offer

John Mulligan

John Mulligan

A Northern Ireland-based maker of specialist digital cameras for scientific research said it is "disappointed" that an almost €200m takeover approach became public.

Belfast-based Andor Technology is the target of a £166m (€198m) takeover approach from Oxford Instruments.

The £5 per share indicative offer was tabled yesterday, withthe two sides having been in talks since the summer.

But Andor said that it was "disappointed" that Oxford had decided to reveal the latest approach made on Friday, saying it considers its announcement to be "premature and unhelpful in light of on-going discussions".

Yesterday Oxford Instruments confirmed that it had made a 500 pence per share takeover offer for Andor Technology, and that Andor was considering the proposal.

SHARES

Shares in London Stock Exchange listed Andor jumped 22pc to 491.57pence each on the news.

The Oxford Instruments cash offer represents a 25pc premium over Andor's closing share price on November 11, Oxford Instruments said.

It added that it believed a combination of the two firms made significant industrial and commercial logic.

Oxford Instruments designs and manufactures tools used in industry and in research.

It now has until the end of business on December 10 to make a firm offer for Andor, or walk away.

Irish Independent

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