Bell Microproducts shareholders approve Avnet acquisition


Bell Microproducts shareholders approve Avnet acquisition

Microscope contributor

Bell Microproducts shareholders last night voted overwhelmingly in favour of the proposed acquisition by Avnet Corporation.

The offer of $7 per share, which valued the distributor at $594m (£396.6m), was tabled late in March and is edging closer to completion.

In a statement Bell confirmed its shareholders have given the green light to the deal, despite the best attempts of ambulance chasers in the US that were trying to garner support for a lawsuit against the directors.

"More than 97% of the votes cast voted to approve the merger agreement," revealed Bell.

The distributor reiterated next month's completion date for the acquisition but pointed out: "The transaction is subject to customary closing conditions, including EU regulatory approval and is expected to close in early July.

The integration work with then begin with Avnet already stating that it plans to make $50-60m annual cost savings from the acquisition, in part by minimising overlapping operations and selling Bell integration business ProSys in the US.

The deal will however jettison both distributors into the top echelon of UK distribution with combined revenues in the region of £700-750m.

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