British technology company Oxford Instruments on Friday increased its offer for Andor Technology to 525 pence per share. Oxford Instruments said that it was the final bid it will be submitting to the Belfast-based digital camera maker's board for approval.

According to a report by Reuters, Oxford Instruments had offered 500 pence per share in cash for Andor Technology last month to gain access to its scientific digital cameras. Oxford Instruments designs and manufactures tools for industry and research. 

Andor Technology on Monday said it was disappointed Oxford Instruments had not raised its offer from the price it had indicated it was willing to pay earlier in November. The company also urged its shareholders to take no action regarding the offer, the report said.

Oxford Instruments told Reuters that it is the company's final proposal and is subject only to the recommendation of the board of Andor Technology. Oxford Instrument's final bid values the Belfast manufacturer's share capital at GBP169 million (USD276.4 million).