Attached files
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| 8-K - NU HORIZONS ELECTRONICS CORP | v204777_8k.htm |
70 Maxess
Road ▪
Melville, NY 11747
631-396-5000
▪ Fax:
631-396-3016
FOR IMMEDIATE
RELEASE
NU
HORIZONS ELECTRONICS CORP. STOCKHOLDERS APPROVE
ACQUISITION
BY ARROW ELECTRONICS, INC.
MELVILLE, NY, — December 7,
2010 — Nu Horizons Electronics Corp. (NasdaqGS: NUHC), a leading distributor of
active and passive electronic components, announced today that its stockholders
voted to approve the merger agreement among Nu Horizons, Arrow Electronics, Inc.
(NYSE: ARW) and a wholly-owned subsidiary of Arrow, pursuant to which Nu
Horizons will be acquired by Arrow. Upon consummation of the merger, which
remains subject to certain remaining customary closing conditions and regulatory
approvals, Nu Horizons’ stockholders will receive $7.00 for each share of Nu
Horizons common stock they own. The companies expect the transaction
to close in early 2011.
About Nu Horizons Electronics
Corp.
Nu
Horizons Electronics Corp. (NasdaqGS: NUHC) is a leading global distributor of
advanced technology semiconductor, display, illumination, power, system and
telecommunication solutions to a wide variety of commercial original equipment
manufacturers (OEMs) and Electronic Manufacturing Services providers (EMS). With
sales facilities in 54 locations across North America, Europe and Asia and
regional logistics centers throughout the globe, Nu Horizons partners with a
limited number of best-in-class suppliers to provide in-depth product
development, custom logistics and life-cycle support to its customers.
Information on Nu Horizons and its services is available at http://www.nuhorizons.com.
Cautionary Statement
Regarding Forward-Looking Statements
Except
for historical information contained herein, the matters set forth in this news
release are forward-looking statements. When used in this press
release, words such as "anticipate," "believe," "estimate," "expect," "intend"
and similar expressions, as they relate to Nu Horizons or its management,
identify forward-looking statements. Such forward-looking statements
are based on the current beliefs of Nu Horizons’ management, as well as
assumptions made by and information currently available to its
management. Forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ from those in the
forward looking-statements. Potential risks and uncertainties include such
factors as the risk that the acquisition of the Company by Arrow Electronics,
Inc. does not close, including the risk that the requisite regulatory approvals
may not be obtained; the level of business and consumer spending for electronic
products; the competitive environment within the electronics industry; the
ability of the Company to expand its operations; the financial strength of the
Company's customers and suppliers; the cyclical nature of the distributor
industry; pricing and gross margin pressures; loss of key customers; the ability
to control costs and expenses; the threat or occurrence of international armed
conflict and terrorist activities both in the United States and internationally;
risks and costs associated with increased and new regulation of corporate
governance and disclosure standards (including pursuant to Section 404 of the
Sarbanes-Oxley Act of 2002); and risks involving governmental
regulation. Investors are also directed to consider other risks and
uncertainties discussed in documents filed by the Company with the Securities
and Exchange Commission. Such statements reflect our current view
with respect to the future and are subject to these and other risks,
uncertainties and assumptions relating to Nu Horizons’ financial condition,
results of operations, growth strategy and liquidity. The Company
does not undertake any obligation to update its forward-looking
statements.
|
Nu
Horizons Electronics Corp. Stockholders Approve
|
December
7, 2010
|
|
Acquisition
by Arrow Electronics, Inc.
|
Company
Contact:
Kurt
Freudenberg
Executive
Vice President and Chief Financial Officer
Nu
Horizons Electronics Corp.
kurt.freudenberg@nuhorizons.com
631-396-5000
Investor
Relations:
Darrow
Associates, Inc
Jordan M.
Darrow
631-367-1866
jdarrow@darrowir.com