NORTHERN IRELAND-based camera manufacturer Andor Technology disclosed yesterday that it is in discussions with a third party regarding a possible takeover of the company. According to Andor, the discussions are at a preliminary stage, and may or may not lead to an offer being made.
The approach comes as Andor shareholders vote today on an offer from Thorndale Trading Ltd, a vehicle set up by senior Andor executives and private equity investors in a move to take the company private.
Andor's independent directors have previously called on shareholders to vote against the Thorndale offer, on the basis that they do not think the terms of the deal are "fair and reasonable". Thorndale is offering 73 pence a share in cash, or £21.8 million (€27.5 million), for the AIM listed firm.
Andor had previously been the target of a bid from Carraig Capital, an investment group backed by Kingspan founder Eugene Murtagh, and his son Paul. The group also had the support of former Andor chief executive and co-founder Dr Hugh Cormican. However, although the group tabled a 76 pence per share bid for the business, which it later upped to 80 pence, the deal was later retracted.
Andor has been operating in the North for over 18 years and manufactures high-specification camera equipment for scientific imaging and research. It employs about 190 people.
Shares in Andor closed at 67.5 pence in London yesterday, up from lows of 42.5 pence in August. The company has a market capitalisation of £18.13 million (€ 23.3 million).
