THE MURTAGH family’s €26 million bid for hi-tech group Andor was boosted yesterday when its board withdrew support for a competing management-backed offer.
Carraig Capital, controlled by Kingspan plc founder Eugene Murtagh and his son Paul, last week joined forces with Andor’s former chief executive, Dr Hugh Cormican, to bid £21 million (€26 million) or 76 pence per share for the company. Between them, they control 12.4 per cent of the company.
Belfast-based Andor manufactures hi-tech cameras. It has been in play since late last month when a management vehicle, Thorndale, bid 73 pence per share. The company’s independent directors originally backed the Thorndale offer, but they issued a statement yesterday withdrawing this support.
The directors also recommended adjourning a meeting, scheduled for September 24th, at which shareholders will be asked to vote on the Thorndale offer.
“The independent directors, who have been so advised by Landsbanki Securities (UK) Ltd, today announce that they no longer consider the basic terms of the Thorndale offer to be fair and reasonable,” the statement said.
It added that the directors withdrew their recommendation that shareholders vote for Thorndale.
