Avnet (AVT) Launches Tender for Internix

Avnet, Inc. (NYSE: AVT) announced that, through a wholly-owned subsidiary, it has launched a tender offer bid for all outstanding shares of Internix, Inc. (Internix), a publicly traded company on the Tokyo Stock Exchange, substantially expanding its presence in the Japanese market. Established in 1970 by founder the late Yoshiharu Fujisawa, Internix is an electronics components distributor representing both Japanese and foreign suppliers serving primarily Japanese original equipment manufacturers. The tender offer has been unanimously approved by the board of directors of Internix and is expected to be completed by the end of August 2012.

Completion of the tender offer requires 66.7% of Internix’s outstanding shares on a fully-diluted basis be tendered and not withdrawn. Avnet has already received commitments to accept the offer from Internix and its shareholders representing 16.75% of the issued shares. The acquisition, which is subject to customary regulatory approvals, is expected to be immediately accretive to earnings and supports Avnet's return on capital goal of 12.5%.

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