Andor Tech says "disappointed" with Oxford Instruments' offer

Mon Dec 2, 2013 2:23am EST

Dec 2 (Reuters) - Scientific camera maker Andor Technology said it was disappointed that Oxford Instruments was not able to increase its takeover offer price of 159 million pounds ($257 million) and that it was evaluating strategic alternatives.

Andor said it is pursuing its long-term stand-alone growth strategy and also actively soliciting a recommendable offer from Oxford Instruments or any other parties.

Oxford Instruments, which designs and manufactures tools for industry and research, had offered 500 pence per share in cash for Andor Technology last week, to gain access to its scientific digital cameras.

Oxford Instruments had been in talks with Andor for some months before making its interest public on Nov. 12.

Andor shares closed at 485.5 pence on Friday on the London Stock Exchange, while shares in Oxford Instruments closed at 1506 pence.

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