TAKEOVER PANEL RULING:THE UK takeover panel has ruled that Carraig Capital, an investment group controlled by Cavan-based Kingspan founder Eugene Murtagh and his son Paul, must make a firm offer for Belfast-based Andor Technology by the close of business on October 13th.
The takeover panel said yesterday that Carraig must either announce a "firm intention to make an offer" for Andor, which makes high-specification camera equipment, or state that it will "not proceed" with a bid.
"No extension to this deadline will be granted, except with the consent of the panel executive," the panel's statement added.
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.
Andor, which is listed in London, is already the subject of a 73p-a-share bid from a management-led group called Thorndale Trading.
This bid was lodged in July and was originally recommended by Andor's independent directors.
This recommendation, however, was removed following Carraig's "potential offer" of 76p a share in cash for the business, which values Andor at about £21 million (€27 million).
Thorndale faces a deadline of its own. It is understood that, under the terms of Thorndale's scheme of arrangement, any increased bid by the group for Andor must be made by the close of markets today.
Carraig has been joined in its bid by former Andor chief executive Dr Hugh Cormican, who now runs a US-based imaging technology company called Bioptics. Between them, they control about 12.4 per cent of Andor's shares.
