Oxford Instruments makes takeover bid for Andor Technology

LONDON Tue Nov 12, 2013 2:20am EST

LONDON Nov 12 (Reuters) - Oxford Instruments on Tuesday said it had made a 500 pence a share takeover offer for Andor Technology and that Andor was considering a proposal that values the company at around 159 million pounds ($254 million)

Oxford Instruments said the cash offer represents a 25 percent premium to Andor's closing share price on Nov. 11. It added that it believed a combination of the two firms made significant industrial and commercial logic.

Oxford Instruments, which designs and manufactures tools for industry and research, has until 1700 GMT on Dec. 10 to make a firm offer for scientific digital camera maker Andor, or walk away.