Oxford Instruments increases offer for camera specialist Andor

Andor, the Belfast-based specialist digital camera maker, has received an increased share offer from Oxford Instruments.

Oxford announced a revised offer of 525 pence sterling, up from the original 500 pence offer it made at the end of November and which Andor rejected. The bid values Andor at approximately £174 million (€207 million). The English company insists the revised offer will be its final bid.

Andor recommended to its shareholders on December 2nd that no action be taken in relation to the Oxford offer, adding that it would seek a further, revised offer from Oxford which it could recommend to its shareholders.

Andor chief executive Conor Walsh said he would be remaining in discussions with Oxford to that end.

Oxford Instruments initiated discussions with Andor last July, was granted due diligence access at a price of 470 pence per share in cash on October 9th and announced its previous proposed offer of 500 pence per share in cash on November 12th.

Oxford confirmed in a statement at the weekend that it has completed its due diligence and that facilities to allow it to provide certain funds in support of the offer have been negotiated and can be executed at short notice.

It has set at deadline of 5pm tomorrow (Tue)

Oxford Instruments says it has received a letter from one of Andor's major shareholders, Cazenove Capital, stating it is prepared to accept the new bid.