Belfast-based camera maker Andor Technology has agreed the terms of a takeover by a group which includes members of its management team.
The management group, called Thorndale, said it had reached agreement with Andor's independent directors on the deal. The price is 73p per share, in line with what had been outlined by Andor last month when it said talks were at an advanced stage.
The buy-out values Andor at £21.8m (€27.3m). The independent directors are backing the acquisition, which must be approved by shareholders. Shareholders can also opt to take shares in Thorndale, though these will not be listed on the stock market.
A statement from Thorndale said the management of Andor believed that the company's stock market value was unlikely to rise over the next 12-18 months and this would create uncertainty for the company.
