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Avnet acquires Abacus
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10/10/2008
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UK electronic component distributor Abacus Group has agreed to the terms of a cash offer from Avnet, putting its value to approximately £42.2million. With shares now valued at 55p each, this has more than doubled the previous night’s closing price of 25.5p. Avnet’s chief executive officer Roy Vallee, explained: “The acquisition of Abacus represents an excellent addition to Avnet’s Electronics Marketing group in Europe. With a respected team of associates and complementary customers and suppliers, Abacus provides additional sources of growth in the region. Avnet’ s financial strength and focus on value based management affords it the opportunity to acquire companies like Abacus despite current market conditions.”
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Author
Chris Shaw
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