PHOENIX (AP) -- Electronic components maker Avnet Inc. said Wednesday that it closed its tender offer for shares of Internix Inc., as part of its bid to acquire the circuit and semiconductor supplier for about $81 million.
About 92 percent of Internix's common stock was tendered in the offer, well above the 67 percent Avnet needed. Under the terms of the agreement, those who tendered their shares will receive 655 yen ($8.27) per share for a total of about 6.4 billion yen ($81 million).
Phoenix-based Avnet said it expects to acquire the remaining outstanding shares and have Internix delisted from the Tokyo Stock Exchange before the end of 2012.
Avnet said the acquisition will expand its business in Japan and should boost its profit immediately. Internix, which posted $260 million in revenue over the 12 months ended March 31, primarily serves original equipment manufacturers in Japan.
Avnet shares fell 78 cents, or 2.4 percent, to $32.38 in afternoon trading.