Horizon accepts Avnet's EUR101m bid

HORIZON TECHNOLOGY'S main shareholders have already accepted US group Avnet's €101 million bid for the business, according to the formal offer document published yesterday.

The document states that shareholders with 50.5 million units, or over 61 per cent of Horizon, have irrevocably accepted its offer, which values the company at €1.18 a share.

The document shows that the company's biggest shareholder, founder and chief executive, Samir Naji, has accepted the offer.

He and his family hold just over 31 million shares, a stake worth €35 million at Avnet's offer price.

Fellow directors Charles Garvey, Paul Kenny and Cathal O'Caoimh have also accepted the deal.

Davy subsidiary Focus Investments, whose holding is worth €8.7 million, has also signed up, as has businessman Seán Quinn's insurance group, Quinn Direct, which will get €4.5 million. Fund manager Gartmore has accepted the deal. Its stake is worth €7.5 million. The trustees of the company's share option plan have accepted. Horizon's 350 workers will share just over €3.5 million if the sale goes through.

Mr Naji founded Horizon in 1988 and floated it on the Irish Stock Exchange in 1999.