Pinnacle Data System (PNS) Enters Definitive Agreement to Be Acquired by Avnet (AVT)

November 10, 2011 5:02 PM EST
Pinnacle Data Systems, Inc. (NYSE: PNS) announced today that it has entered into a definitive agreement to be acquired by Avnet, Inc. (NYSE: AVT) in an all cash merger for $2.40 per share, which equates to an equity value of approximately $22 million as of September 30, 2011. The acquisition has been approved by the Boards of Directors of both companies and is subject to the approval of PDSi's shareholders at a special meeting to be called by the Board of Directors of PDSi, details of which will be forthcoming at a later date, as well as customary closing conditions. The transaction is expected to close in 60 to 90 days.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Mergers and Acquisitions

Add Your Comment