Andor directors back in talks over possible offer
Tuesday, October 21, 2008
AIM listed digital camera maker Andor Technology is once again in talks with a third party over a possible offer for the company.
The news comes ahead of a special meeting tomorrow where shareholders will be balloted on whether to accept an 73p per share offer made by a private equity-backed team led by members of Andor’s management.
The independent directors, who are trying to negotiate the sale of the business, withdrew their support for the management buy-out team early in September when another potential suitor, Carraig Capital, made a 76p per share offer. Carraig has since pulled out of a deal, but the Andor directors are still holding out for a better price.
In the statement today they reiterated that a deal was still far from certain.
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