Following last week’s announced recommended offer for Andor Technology (AND), Oxford Instruments has notified that the offer document is being posted today to Andor Shareholders, together with the related form of acceptance, with the offer to initially remain open for acceptance until 1.00 p.m. on 7th January. The following updates with Andor shares currently at 523p.
At 6:28pm on Friday, Oxford Instruments announced a ‘final’ proposed offer for Andor Technology (AND) of 525p per share – up from a previous 500p - and stated that it “looks forward to working with Andor towards a recommended offer prior to the current deadline of 5.00 p.m. on 10 December 2013”. The following updates with Andor having today responded.
Scientific digital camera developer and manufacturer Andor Technology (AND) has announced results for a year ended 30th September 2013 which it found “more challenging in terms of sales than we had predicted” as “government expenditure in research curtailed across our principal markets”. The company has also updated that it “is disappointed that Oxford Instruments was not able to increase its offer price in light of the considerable management time that has been spent in helping Oxford Instruments understand Andor's business and its future prospects”. The follows a further letter from Oxford Instruments reiterating 500p per share as its “possible offer” amount for Andor. The following updates.
On the news yesterday that Oxford Instruments (OXIG) had made an indicative 500p per share (c.£166 million) approach for Andor Technology (AND) I noted brokerage WH Ireland’s view that it “can think of several large industrial technology companies that might find Andor attractive… If a counter bidder emerges, we feel that 600p+ would be needed to successfully consummate a deal” - see HERE. However, something of a different view is provided by analysts covering Oxford…
Andor Technology (AND) has responded to an announcement from FTSE 250 constituent Oxford Instruments (OXIG) “that it is in discussions with the board of Andor in relation to an indicative offer of 500 pence per share in cash to acquire the entire issued and to be issued share capital of Andor”.
Following my update earlier this month, Andor Technology (AND) has put some of its cash pile to use – announcing an up to Canadian$16.3 million (initially Canadian$11.3 million, £6.8 million) acquisition of Spectral Applied Research Inc., a Toronto-based “market leader in the design and manufacture of optical systems for the cell biology research community”
Shares in developer and manufacturer of scientific digital cameras for academic, industrial and government applications, Andor Technology (AND) have recovered strongly from little more than 280p following a June profit warning to a current 382.25p; this latter level hit with the shares rising a further more than 4% today on the back of a trading update for the company’s full-year ended 30th September…
AIM-listed developer and manufacturer of scientific digital cameras for academic, industrial and government applications, Andor Technology (AND) has announced “market conditions have remained challenging, specifically in relation to the availability of funding to support scientific research… As a result, we now believe our second half performance will be below the company's current expectations”.
