Nanotechnology Firm Oxford Instruments Set to Take Over Scientific Camera Maker Andor
(Nanowerk News) Nanotechnology specialist Oxford Instruments is to take over Belfast-based scientific camera maker Andor in a £176million deal.
The Andor board last night agreed a 525p a share offer, giving a 31 per cent premium over the closing price before Oxford’s initial 500p a share pitch in November.
Details of the offer can be found on the Oxford Instruments website her: http://www.oxford-instruments.com/news/2013/december/recommended-cash-offer-for-andor-technology-plc
The two companies have been in talks since July.
Shares in Andor rose 10p to 515p and Oxford Instruments gained 8p to 1566p.
Colin Walsh, Andor chairman, said both companies are ‘an outstanding example of how the very best in UK science can be successfully commercialised across global markets.’
Institutional investor Cazenove, which has a near-10 per cent stake valued at £16million, says it intends to accept the offer and Polar Capital, with 3.89 per cent, has given an irrevocable undertaking.
Nigel Keen, chairman of Oxford Instruments, said the two businesses are ‘a great fit’ and that the deal will help expansion in nanobiology.
Source: This is Money
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