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Andor Technology

  • BY: Andrew Hore |
  • POSTED: 13/08/2008 |

Management buyout vehicle Thorndale Trading has bid 73p a share for Andor Technology.

The independent directors of the digital camera technology company have recommended the cash bid, which values Andor at £21.8m.

Shareholders can choose to accept one unlisted Thorndale unit for each Andor share. Each unit comprises one unlisted Thorndale B ordinary share and 98 unlisted Thorndale B preference shares. There is a limit on the number of units that will be issued. The equivalent of 27.5% of Andor’s share capital can be swapped for the units. PwC has valued each unit at 56p, which is the Andor share price before the offer period started.

Andor floated on Aim in December 2004 in order to raise its profile and strengthen its balance sheet in order to grow organically and via acquisition. Management believes that this can’t be achieved now. Major investment in the company’s technology is required.

Management will end up with 40.1% of the Thorndale share capital.

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