RNS Number : 2046Y
  Avnet (Holdings) Limited
  03 July 2008
   



    Not for release, publication or distribution, in whole or in part, in, into or from ANY jurisdiction where to do so would constitute a
violation of the relevant laws oF such jurisdiction.
    3 July 2008

    AVNET (HOLDINGS) LIMITED,
    A WHOLLY-OWNED SUBSIDIARY OF AVNET, INC.

    RECOMMENDED CASH OFFER FOR HORIZON TECHNOLOGY GROUP PLC -
    COMPULSORY ACQUISITION OF OUTSTANDING HORIZON SHARES 


    The Board of Avnet (Holdings) Limited (Avnet Holdings) announced on 30 June 2008 that its Offer for Horizon Technology Group plc
(Horizon) had been declared unconditional in all respects. 

    As at that date, Avnet Holdings had received valid acceptances of the Offer in respect of more than 90 per cent. in value carrying more
than 90% of the voting rights of the Horizon Shares the subject of the Offer. 

    Accordingly, Avnet Holdings is today posting notices pursuant to Regulation 23 of the European Communities (Takeover Bids (Directive
200/25/EC)) Regulations of Ireland to Horizon Shareholders who have not yet validly accepted the Offer, informing them that it proposes to
acquire compulsorily their Horizon Shares under the provisions of Regulation 23 of those regulations. The compulsory acquisition procedure
is expected to be completed on, or shortly after, 24 July 2008.

    The Offer remains open for acceptance until further notice. Horizon Shareholders who have not yet accepted the Offer should complete,
sign and return their Form of Acceptance in accordance with the procedure set out in the Offer Document as soon as possible. 

    Avnet Holdings also announces that application has been made to delist Horizon Shares from the Official Lists of the Irish Stock
Exchange and the UK Listing Authority and to cancel trading of Horizon Shares on the Irish Stock Exchange and London Stock Exchange with
effect from 28 July 2008.

    Copies of the Offer Document and the Form of Acceptance are available for inspection at the offices of McCann FitzGerald (Riverside One,
Sir John Rogerson's Quay, Dublin 2, Ireland) during normal business hours on any business day (Saturdays and public holidays excepted) while
the Offer remains open for acceptance. 

    Definitions used in the Offer Document dated 16 May 2008 have the same meaning when used in this announcement, unless the context
requires otherwise.

    Enquiries: 

 AVNET, INC.                              Telephone: 
 Kirsten Klatt, European                  Germany +49
 Communications Director                2153-733 328 
 Vincent Keenan, Vice President and             US +1
 Director, Investor Relations            480-643-7053


           BANC OF AMERICA SECURITIES     Telephone: 
    (Financial adviser to Avnet, Inc.
                           and Avnet)
 Derek Shakespeare, Managing Director          UK +44
                       - European M&A    20-7174-4800
         Georg Schloendorff, Managing           US +1
            Director - Technology M&A    646-313-7926
 Hugh Moran, Associate - European M&A    Ireland +353
                                           1-619-6143

               DAVY CORPORATE FINANCE      Telephone:
       (Financial adviser to Horizon)    Ireland +353
                          Ivan Murphy      1-679-6363
                        Stephen Barry
                        Roland French

                     K CAPITAL SOURCE      Telephone:
           (IR/PR adviser to Horizon)    Ireland +353
                           Mark Kenny      1-631-5500
                      Jonathan Neilan

    This announcement does not constitute a prospectus or an equivalent document and it is not intended to and does not constitute or form
any part of an offer or invitation to sell or purchase or subscribe for any securities or a solicitation of an offer to buy any securities
or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer has been made solely by means
of the Offer Document which contains the full terms and conditions of the Offer. Any response to the Offer should be made only on the basis
of information contained in the Offer Document. Horizon Shareholders are advised to read the formal documentation in relation to the Offer
carefully. 

    The directors of Avnet, Inc. (Avnet) and Avnet Holdings accept responsibility for the information contained in this announcement. To the
best of the knowledge and belief of the directors of Avnet and Avnet Holdings  (who have taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not
omit anything likely to affect the import of such information. 
    Banc of America Securities which is regulated in the United Kingdom by the Financial Services Authority is acting exclusively for Avnet.
and Avnet Holdings in connection with the Offer and for no-one else and will not be responsible to anyone other than Avnet and Avnet
Holdings for providing the protections afforded to clients of Banc of America Securities or for providing advice in relation to the Offer or
any other matters referred to in this announcement.
    Overseas Jurisdictions
    The availability of the Offer to persons who are not resident in Ireland or the United Kingdom may be affected by the laws of the
relevant jurisdiction in which they are located. Persons who are not resident in Ireland or the United Kingdom should inform themselves
about, and observe, any applicable legal or regulatory requirements. Failure to comply with any such restrictions may constitute a violation
of the securities law of any such jurisdiction. The Offer is not being made, directly or indirectly, in or into the United States or any
other jurisdiction if to do so would constitute a violation of the relevant laws in such jurisdiction. Copies of this announcement, the
Offer Document and any related offering documents are not being, and must not be, directly or indirectly, mailed or otherwise forwarded,
distributed or sent into or from the United States or any other jurisdiction if to do so would constitute a violation of the relevant laws
in such jurisdiction and persons receiving any such documents (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions as doing
so may invalidate any purported acceptance of the Offer.
    Further details in relation to overseas shareholders are contained in the Offer Document.  
    Dealing disclosure requirements
    Any person who is a holder of one per cent. or more of Horizon Shares may have disclosure obligations under Rule 8.3 of the Irish
Takeover Rules, effective from 13 March 2008 (the date of the commencement of the offer period for Horizon). 

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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