Scottish retinal imaging company Optos has announced it has received a £259m cash takeover offer from Nikon Corporation.

The takeover offer from Tokyo-based Nikon, which values Optos at 340p-a-share, is being recommended by the Scottish company to its shareholders.

Shares in Optos were up by more than 30 per cent in late morning trading. They were up 80.5p from the previous close, at 341p.

Optos was incorporated in 1992 and floated on the stock market in 2006.

Nikon has announced its intention to leverage its optical technologies by entering the medical sector.