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Avnet confirmed as Horizon suitor

Distribution giant Avnet plans to snap up Horizon Technology Group for €101.3m (US$159m) cash. The offer, which works out at €1.18 per share, represents a massive 153.8% premium on Horizon shares closing price of €0.465 the day before the offer was acknowledged. Horizon’s directors are unanimously recommending that shareholders accept the Avnet offer, which values Horizon at a price-earnings ratio of 17.2 based on full year 2007 after tax profits. Read full story

by Stuart Wilson, Friday 18 April 2008

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