Horizon Technology Group today announced it is recommending a cash offer from Avnet for the company.
The offer values Horizon at about €101.3 million, and under its terms, Horizon shareholders would receive €1.18 in cash for each of their shares.
The offer represents a premium of some 153.8 per cent to the closing price of €0.465 per Horizon share on March 12th, the last business day before the start of the offer period.
Horizon is a technical integrator and distributor of information technology products in Ireland and the United Kingdom.
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Avnet, with a presence in over 70 countries, is one of the world's biggest distributors of electronic parts, computer products, and technology services.