Datwyler looks to have conceded defeat to Avnet in the race to buy Premier Farnell. The Swiss-based company says it will not raise its original bid of £615m and that this bid will lapse on August 21. It will not seek an extension to that deadline.
Avnet has offered £691m for the UK-based distributor.
The announcement leaves Avnet in pole position and unless another suitor appears out of nowhere, Premier Farnell will become the property of Avnet.
Transaction costs and currency exchange rates means Datwyler is looking at a bill of approximately 39m Euro for its failed bid.