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