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Andor Technology
- BY: Andrew Hore |
- POSTED: 01/09/2008 |
- COMMENTS: Add yours
Andor Technology has received an indicative offer of 76p a share from Carraig Capital.
Management buyout vehicle Thorndale Trading has bid 73p a share for the digital camera technology company. The independent directors had recommended that bid. The shares rose 3.25p to 73.5p but there is no certainty that Carraig will bid.
The independent directors are already thinking about changing their recommendation following a strong trading statement. Andor expects revenues to be not less than £24.5m and profit before tax will be not less than £2m. That is much better than originally expected. The weakening of the pound against the dollar has helped profitability.
The medical-focused business has doubled its revenues.
The current order intake remains strong and progress is ahead of expectations.
A full year trading statement will be issued in early October.
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