Arrow To Acquire NUHC For $7 Per Share

Arrow Electronics Inc ARW has agreed to acquire Nu Horizons Electronic Corp NUHC for around $130 million in cash. ARW is buying NUHC to increase its presence in the Asia-Pacific region. Arrow has offered $7 per share to purchase NUHC, representing a more than 100% premium over NUHC's closing price of $3.41 on Friday. Arrow Electronics expects the deal to be completed in the fourth quarter and the deal to add to its earnings by $0.05-$0.10 per share in the first full-year of operations. NUHC's shares jumped 102.35% to $6.90, while ARW's shares rose 2.15% to $25.70 at 2:16 pm. Read more from Benzinga's Company news.