Business
Offer for Andor Technology plc
Offer for Andor Technology plc.
About this update from Oxford Instruments Plc
[{"type":"text","content":"\n \nRNS Number : 2043V Oxford Instruments PLC 10 December 2013 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES AND ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n10 December 2013\nFor immediate release\nRECOMMENDED CASH OFFER\nFOR\nANDOR TECHNOLOGY PLC (\"ANDOR\")\nBY\nOXFORD INSTRUMENTS NANOTECHNOLOGY TOOLS HOLDINGS LIMITED (\"OINTH\")\nA WHOLLY OWNED SUBSIDIARY OF\nOXFORD INSTRUMENTS PLC\n \nThe boards of Oxford Instruments plc and Andor are pleased to announce that they have reached agreement on the terms of a recommended cash offer by OINTH, a wholly owned subsidiary of Oxford Instruments plc (together with OINTH, \"Oxford Instruments\"), for the entire issued and to be issued share capital of Andor (the \"Offer\").\nHighlights\n· Recommended offer at 525 pence per Andor Share in cash.\n· The Offer values the entire issued and to be issued share capital of Andor at approximately £176 million.\n· The terms of the Offer represent a premium of approximately:\n- 31 per cent to the Closing Price of 400.0 pence for each Andor Share on 11 November 2013 (being the last trading day prior to the announcement by Oxford Instruments regarding a possible offer for Andor which led to the commencement of the Offer Period);\n- 42 per cent to the average closing share price of Andor of 368.5 pence over the period of 90 days ended on 11 November 2013¹; and\n- 77 per cent to the Closing Price of 296.0 pence for each Andor Share as of 8 July 2013, being the day prior to Oxford Instruments' initial approach to Andor.\n· There will be no dividend payable on the Andor Shares if the Offer is completed.&n...