Avnet to aquire Abacus

Under the terms of the Offer, Abacus Shareholders will be entitled to receive 55 pence in cash for each Abacus Share. The Offer values the entire issued and to be issued share capital of Abacus at approximately £42.2 million. The Offer represents a premium of approximately: - 115.7 per cent. to the Closing Price of 25.5 pence per Abacus Share on 9 October 2008, being the day before this announcement; - 139.1 per cent. to the Closing Price of 23 pence per Abacus Share on 17 September 2008, being the day before Abacus' announcement that it is in talks regarding a potential offer; - 125.9 per cent. to the average daily Closing Price of 24 pence per Abacus Share for the three month period before Abacus' announcement that it is in talks regarding a potential offer; and - 45.9 per cent. to the average daily Closing Price of 38 pence per Abacus Share for the six month period before Abacus' announcement that it is in talks regarding a potential offer. The Offer is conditional, amongst other things, on the receipt of EU merger control clearance. Commenting on the Offer, Roy Vallee, Chairman and Chief Executive Officer of Avnet, said: "The acquisition of Abacus represents an excellent addition to Avnet's Electronics Marketing group in Europe. With a respected team of associates and complementary customers and suppliers, Abacus provides additional sources of growth in the region. Avnet's financial strength and focus on value-based management affords it the opportunity to acquire companies like Abacus despite current market conditions."