Avnet counterbids for Premier Farnell

July 29, 2016 // By Peter Clarke
Electronic components distributor Avnet Inc. (Phoenix, Ariz.) has agreed to buy rival UK based distributor Premier Farnell plc for £691 million (about $910 million), besting a previously agreed bid for Premier Farnell from Datwyler.

The all-cash offer from Avnet of £1.85 per share represents a 12.1 percent premium over the previous offer and is now the recommended agreement from the Premier Farnell board of directors.

The deal would be subject to approval of Premier Farnell shareholders and regulatory approvals in the European Union, United States and Israel.

Avnet said it has received undertakings to vote in favor of the transaction from Premier Farnell shareholders representing 15 percent of the issued shares.

Avnet said the deal was complementary with Premier Farnell holding a leading position in online dealings with customers while Avnet has a well developed global supply chain that can help take design wins to high volume.

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