Andor Accepts Oxford’s Increased Offer
The share price represents a 31.3% premium over Andor’s closing price on November 11, the day before the initial offer was announced Oxford will use cash and £160 million ($254 million) in debt for the purchase. Oxford’s acquisition of Omicron Nanotechnology (see IBO 6/15/11) expanded Oxford’s product portfolio into new areas of surface science. This acquisition goes further in that direction, by adding Andor’s confocal microscopy products. The acquisition will also expand Oxford’s reach into the more general scientific imaging market with Andor’s cameras and spectrometer components. Andor fiscal 2013 revenues declined 6.4% to £54.6 million ($86.7 million).
London, UK 11/27/13; London, UK 12/2/13; London, UK 12/9/13; London, UK 12/10/13—Andor Technology, a provider of scientific digital cameras, has agreed to high technology tools and systems company Oxford Instrument’s takeover offer of 525 pence ($8.33 = £0.63 = $) per share, or approximately £176 million ($279 million) (see IBO 11/15/13). On December 6, Oxford raised its offer from 500 pence ($7.94) to 525 pence and announced that Cazenove Capital Management, holder of 10% of Andor’s share, intended to accept the offer. This follows Andor’s December 2 announcement of its fiscal year-end results (see page 12) in which the firm stated it was disappointed with Oxford’s 500 pence offer and that it was evaluating strategic alternatives, including the solicitation of third-party offers. “The acquisition of Andor is an exciting development for Oxford Instruments as we expand our capabilities in the fast growing Nano-Bio field,” commented Oxford Chairman Nigel Keen. Combined, the companies will have pro forma annual revenues of £405.4 million ($643 million) and pro forma adjusted EBIT of £56.9 million ($90.3 million). Oxford has given assurances that Andor will remain at its location in Belfast, Northern Ireland. Andor shares will be delisted from the London Stock Exchange’s AIM market.
