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Avnet, Inc. Closes Tender Offer for Internix, Inc. for $80M


Avnet, Inc. (NYSE: AVT) announced today that, through its wholly-owned subsidiary, Memec Group Limited, it has closed the tender offer bid for Internix, Inc. (TSE: 2657). Approximately 92% percent of the outstanding shares of Internix's common stock on a fully diluted basis were validly tendered and accepted, well above the 67 percent threshold set out in the offer document as a condition for Avnet to accept the tendered shares. Shareholders of Internix who validly tendered their shares will receive ¥655 per share, which equates to an aggregate equity value of ¥6.4 billion (approximately $80 million). Avnet expects to complete the acquisition of the remaining outstanding shares and the delisting of Internix from the Tokyo Stock Exchange before the end of calendar year 2012.

Posted-In: News M&A


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