The board of scientific camera maker Andor Technology (AND) is recommending shareholders accept an increased takeover bid from Oxford Instruments (OXIG) after the scientific tools group raised its all-cash offer from 500p a share to 525p. Oxford Instruments plans to pay for the £176m acquisition out of existing cash resources and new financing facilities totalling £160m.
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The enlarged group will have pro-forma revenues of £405m and pro-forma adjusted earnings before interest and tax of £56.9m, based on their recently announced financial results. The acquisition is expected to be earnings enhancing for Oxford Instruments in the first full financial year.
