Oxford Instruments (OI) has made a hostile takeover bid of Northern Ireland-based high-tech camera manufacturer Andor Technology.

OI, one of the first spin-outs of Oxford University, made a 500p ($7.96) per share takeover offer to Andor, itself a spin-out of Queen’s University Belfast. OI said the offer presents a 25% premium of Alternative Investment Market (AIM) listed Andor’s closing share price on 11 November, and values the company at £159m.

Andor’s board have so far responded by saying it was…

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