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Bids, Mergers and Takeovers

Premier Farnell quits Datwyler offer for Avnet's bid

28 July 2016 09:06

Premier Farnell (PFL) has recommended a premium 185p a share cash offer from Avnet Inc. The deal valued Premier Farnell's share capital at about £691m, and implies a valuation of about £868m.

Premier Farnaell also said, just minutes after the Avnet announcement, that it had withdrawn board support for the offer from Datwyler Technical Components UK Ltd.

"The Avnet Offer price of 185 pence per share in cash values Premier Farnell at a premium of 12.1% to the Datwyler Offer price of 165 pence per share in cash," Premier said in a statment.

"In evaluating the Avnet Offer, the Board of Premier Farnell has considered various aspects of the Avnet Offer including valuation, transaction timing and execution risk, and considers the Avnet Offer to represent a superior offer for Premier Farnell shareholders, as compared to the Datwyler Offer."

At 9:06am: (LON:PFL) Premier Farnell PLC share price was +26.25p at 190.75p

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