Raspberry Pi maker shareholders set to vote on Avnet takeover offer
Shareholders in the electronics maker behind the Raspberry Pi computer Premier Farnell will vote on the 185p-per-share offer for the company today.
Investors are expected to back the £868m deal, which is seen as a sign the UK’s tech industry is still attractive to overseas investors.
The deal requires 75 per cent of shareholders – which include Deutsche Bank, Prudential and Morgan Stanley – to sign off on it.
Read more: Here's the windfall City advisers are in for from the ARM Softbank mega-deal
Swiss manufacturer Datwyler last month said it will not increase its bid of 165p per share after Avent swooped in with a higher offer of 185p per share.
Avent is offering a 12.1 per cent premium on Datwyler’s bid and a nearly 70 per cent premium on the value of shares prior to either takeover offer.
Shareholders of tech giant Arm Holdings last month approved a takeover offer of £24bn from Japan’s SoftBank – its last hurdle ahead of the deal being completed.
Read more: Higher bidder emerges for Raspberry Pi maker Premier Farnell
Some have criticised the deals however, with former City minister Lord Myners saying the sale of Arm was evidence of the City failing to back the British economy.