Turns out that ever-hungry Melville, New Yorker Arrow Electronics Inc is the mystery suitor of Greenville, South Carolina-based Gates/FA Distributing Inc: Arrow has agreed to buy Gates for $22.50 a share in new Arrow shares, valuing the company at $141.8m. Gates shares jumped $2.50 to $20.50 on the news. Dennis Gates and Cheyenne Software Inc, […]
Turns out that ever-hungry Melville, New Yorker Arrow Electronics Inc is the mystery suitor of Greenville, South Carolina-based Gates/FA Distributing Inc: Arrow has agreed to buy Gates for $22.50 a share in new Arrow shares, valuing the company at $141.8m. Gates shares jumped $2.50 to $20.50 on the news. Dennis Gates and Cheyenne Software Inc, holding a combined 28% stake in Gates, have agreed to vote for the acquisition; Gates, with annual sales of about $450m, will greatly expand Arrow’s role as a commercial distributor of computer systems.
