LONDON (Reuters) - Britain’s Oxford Instruments (OXIG.L) has agreed to buy Andor Technology ANTE.L 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 maximizing shareholder value in the short to medium term,” Andor Chairman Colin Walsh said.
($1 = 0.6087 British pounds)
Reporting by Paul Sandle; editing by Kate Holton