ON WEDNESDAY, the management team at Northern Ireland-based camera manufacturer Andor Technologies announced that it had agreed a takeover bid with the listed company’s independent directors.

Thorndale Trading Ltd, which is led by Andor chief executive Conor Walsh, has offered 73 pence per share, or £21.8 million (€27.5 million).

This is a 30 per cent premium to the share price on July 23rd, when the offer period began.

On the surface, the deal would seem to be a slam dunk.

It is backed by management, agreed with the independent directors, and priced at a level that should be attractive to shareholders, given the current market uncertainty. The takeover game, however, might be about to go into overtime.

Thorndale has just 2.1 per cent of Andor’s existing issued share capital, a low base to work from.

The company’s share price is nudging 70 pence as rumours of a rival bid circulate.

Kingspan founder Eugene Murtagh has been buying shares of late and appears to have teamed up with Andor’s founder, Hugh Cormican.

The pair hold more than 12 per cent of Andor’s shares and are being advised by Davy.

Cormican was recently named as chief executive of a US imaging technology firm, Bioptics.

The Arizona-based company designs, manufactures and markets X-ray sensor technology.

Their intentions aren’t clear, but financiers around town are tipping Murtagh and Cormican to join the fray at some stage.

Goodbody Stockbrokers, who recently stepped down as Andor’s company broker, is also believed to be beating the bushes to see if it can generate interest among trade players.

This is a takeover that could run and run.