Oxford Instruments extends offer to Andor Tech shareholders

8th Jan 2014 08:04

Oxford Instruments, a manufacturing and research company, has received approval from the majority of Andor Technology shareholders to go ahead with its proposal to acquire the company. The deal between the two was first announced towards the end of 2013 and has now received approval by 73.47% of Andor's shareholders. The offer period was extended for a further 14 days, with the remainder of shareholders urged to accept the bid by the deadline on January 21st. On December 10th, Oxford Instruments made a recommended offer of 525p per Andor share in cash, which valued the business at around £176m. Oxford Instruments at the time said it believed that the offer "has a clear and compelling strategic and financial rationale". In the same statement, Colin Walsh, Chairman of Andor, said: "The Andor board's decision to recommend the offer rested on two important factors. First, the offer recognises the important role which our highly capable and professional staff have played in building Andor into the unique entity we have today and creates a framework in which our staff can continue to thrive and grow the business under new ownership. "Secondly, 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."NR