IT products and services distributor itX Group (ASX:ITX) has recommended shareholders accept a $1.55 per share takeover offer from Avnet Technology Solutions.
The board has unanimously endorsed the takeover offer, stating that the offer is a 24% premium on the company's share price prior to the announcement.
The all-cash offer will be reduced by up to $0.20 per share if itX follows through with its reserved right to offer a special dividend of up to that amount.
A scheme prospectus will be issued to itX shareholders in October to allow them to vote on the proposal. The deal will also require court approval.
ITX shares are today trading 7.04% higher at $1.520.