Northern Ireland

Andor Technology to update shareholders on takeover by Monday

Workers in a factory making cameras
Image caption Andor Technology is one of Northern Ireland's fastest growing firms.

The Belfast-based camera maker Andor Technology has said it will update its shareholders on a possible takeover offer by Monday.

The English firm Oxford Instruments has offered £5 per share, which would value the company at about £166m.

Andor said it received a letter from the Chairman of Oxford Instruments on Wednesday setting out the terms of a possible offer.

Andor added that there can be no certainty that an offer will be made.

It has advised shareholders to take no action until its update.

On Wednesday, Andor shares closed at £5.04.

Andor began its life as a spin-out company from Queens University Belfast, which still owns a significant stake in the company.

The scientific camera maker is now one of only three companies in Northern Ireland to be listed on the stock exchange.

Andor employs more than 300 people in 16 offices worldwide. The majority of the workforce is based in Belfast.

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