A round-up of today's other business news in brief

Takeover bid for Andor rejected

A management-led bid to take Northern Ireland-based Andor Technology private has been rejected by the company's shareholders.

Andor said shareholders rejected Thorndale Trading Limited's 73 pence per share offer at a court meeting and extra ordinary general meeting held at the company's west Belfast headquarters yesterday.

The scheme, which was promoted by Andor's senior management team and a group of private equity investors, has now lapsed.

Andor said talks are continuing with a third party regarding a possible offer.

Bank seeks order for 1.16m

Bank of Scotland Ireland is seeking a court order requiring two directors of a building company to pay €1.16 million due under personal guarantees by the directors for loans made to the company.

The bank has brought its proceedings against John Cunningham, of Termon, Virginia, Co Cavan and Edward Cunningham, Athlumney, Co Meath, over loans issued to Tronmarron Ltd in 2003 and 2004 for the purchase of a site and the construction of three houses.

The bank claims the defendants entered into separate guarantees securing the loans to Tronmarron. It says it served demands on foot of those guarantees on both defendants in November 2007 seeking repayment , but no monies have been paid.

Mr Justice Peter Kelly admitted the proceedings to the Commercial Court list this week and fixed November 10th next as the date for the hearing.

Business upbeat about future

Irish private businesses are confident that they can survive the downturn, with many predicting that their profits will either remain unchanged or increase over the next six months.

According to a KPMG survey of 250 Irish-owned businesses, 73 per cent of respondents said that their businesses are protected against the adverse market conditions, while over a third are still investing, mainly in their own business. Among the challenges faced is cash flow management. Seven out of 10 respondents indicated that customers are now taking longer to pay.

Motorists face insurance increase

Irish consumers face a hike of up to 10 per cent in car insurance premiums over the coming year, as reduced margins mean insurance companies are looking to increase rates.

According to Deloitte's annual Motor Insurance Survey, nearly 90 per cent of Irish motor insurance companies expect to increase premiums in 2009. Forty-one per cent expect an increase of up to 5 per cent, while 42 per cent expect increases of between 5 and 10 per cent.