Savoir Technology Group, a unit of Avnet, has been sued by a Savior stockholder who wants an appraisal of his stake to determine its fair value at the time of the company's July 3 merger with Avnet.
Plaintiff Neil Anderson owns 50,000 shares of Savoir's Series A Preferred stock and says he voted against the merger of the two distributors. Anderson filed papers earlier this week in Delaware Chancery Court as a necessary step to preserve his appraisal rights.
Savoir was the leading distributor of IBM mid-range server products in the Americas before the merger, with 1999 revenue of $767 million, according to reports.
Under the merger agreement, Savoir common stockholders received 0.11452 of an Avnet share for each share Savoir stock they held. Preferred stock holders received 0.16098 of an Avnet share for their shares.
Avnet's stock was up 1 percent in Thursday afternoon trading to $26.63 per share.
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