Abacus counts on US group to send share price soaring
Friday, October 10, 2008
Shares in AIM listed Abacus Group jumped 76% to 47p in trading this morning after the electronics distribution business agreed the terms of a takeover offer from US giant Avnet.
The move will bolster Avnet’s own electronics distribution business in Europe, where it said there were “exciting growth opportunities in the region”.
Anthony Westropp, chairman of Abacus, said the company thought its share price had failed for some time to reflect the underlying value of the business.
“This, coupled with the high level of borrowings, has also frustrated Abacus from pursuing its preferred strategy of expansion through acquisition and acting as consolidator in the sector,” he said. “Not only does the Avnet offer represent a healthy premium for shareholders, during a period of challenging trading conditions, but there is also a strong strategic business rationale for the acquisition.”
Avnet’s offer will see Abacus shareholders pick up 55p per share, valuing the company as a whole at £42.2 million. The offer represents a premium of approximately 115.7% to the closing price of 25.5 pence per Abacus share on October 9.
Avnet is one of the largest distributors of electronic components, computer products and technology services and solutions with more than 300 locations serving more than 70 countries worldwide.
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