Hi °C | Lo °C The Takeover Panel has set today as ‘put up or shut up’ day for a proposed takeover by a southern-based consortium of Andor Technology in Belfast.
The panel, which operates from London, set close of business this afternoon as the deadline for a bid by Carraig Capital, warning that otherwise no further bid could take place for six months.
The intervention of Carraig in August disrupted a management buy-out at the company, which manufactures high-spec cameras.
While the management team, operating under the name of Thorndale Trading, had offered 73p a share, this deal was trumped by Carraig, which valued the shares — now trading at 68.5p — at 76p.
Carraig Capital is an investment group controlled by Cavan-based Kingspan founder Eugene Murtagh and his son Paul, and involves former Andor chief executive Hugh Cormican.
The takeover panel said that Carraig must either announce a “firm intention to make an offer” for Andor or state that it will “not proceed” with a bid.
If Carraig does not make an offer, the takeover panel has ruled that it will be precluded from making a bid for a period of six months.
The management team lodged its bid in July and it was originally recommended by Andor's independent directors.
This recommendation, however, was removed following Carraig's ‘potential offer’ of 76p a share for the business, valuing Andor at about £21m.
Neither Carraig nor Thorndale had any immediate comment to make earlier today.
