Oxford Instruments agrees to buy Andor Technology

LONDON Tue Dec 10, 2013 11:50am EST

LONDON Dec 10 (Reuters) - Britain's Oxford Instruments has agreed to buy Andor Technology for 176 million pounds ($289 million) after its raised bid was accepted by the board of the scientific digital camera maker on Tuesday.

Oxford Instruments, which designs and manufactures tools for industry and research, had offered 500 pence per share in cash for Andor Technology last month, but the approach failed to impress Andor's board.

Its final offer of 525 pence, made on Friday, was conditional on it winning the backing of the Northern Ireland-based company. It represents a 31 percent 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.