Bell shareholders okay Avnet merger

Over 97 per cent of votes cast in favour of $594m merger

Green light: Bell shareholders have given the deal their blessing

Bell Micro shareholders have given the green light to its acquisition by rival Avnet, clearing one of the final hurdles obstructing the $594m distribution mega-deal.

Bell announced last night that more than 97 per cent of votes cast were in favour of the merger agreement, which was first announced in March. This is despite initial opposition to the deal from some Bell shareholders.

This follows on from the deal's approval by US and Canadian authorities although EU regulatory approval is still needed.

Bell’s recent results revealed the storage specialist swung back into the red in its most recent quarter to 31 March, as net losses hit $5m.

The acquisition is expected to close early next month.