Recommended Cash Offer

RNS Number:6320S
Horizon Technology Group PLC
18 April 2008


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
RELEVANT LAWS OF SUCH JURISDICTION.

                                                                   18 April 2008


                            AVNET (HOLDINGS) LIMITED,
                     A WHOLLY-OWNED SUBSIDIARY OF AVNET, INC.

                RECOMMENDED CASH OFFER FOR HORIZON TECHNOLOGY GROUP PLC

Summary

*            The boards of Avnet, Inc., Avnet (Holdings) Limited ("Avnet") and
Horizon Technology Group plc ("Horizon") are pleased to announce that they have
reached agreement on the terms of a recommended cash offer to be made by Avnet,
a wholly owned subsidiary of Avnet, Inc., for the entire issued and to be issued
share capital of Horizon (other than Horizon Shares in the beneficial ownership
of Avnet on the date the offer is made) (the "Offer").

*            Under the terms of the Offer, Horizon Shareholders will be entitled
to receive Euro1.18 in cash for each Horizon Share.

*            The Offer values the entire issued and to be issued share capital
of Horizon at approximately Euro101.3 million.

*            The Offer represents a premium of approximately:

*        153.8 per cent. to the Closing Price of Euro0.465 per Horizon Share on 12
March 2008, being the last Business Day before the commencement of the Offer
Period; and

*        60.1 per cent. to the average daily Closing Price of Euro0.737 per Horizon
Share for the six month period before the commencement of the Offer Period.

            The Horizon Directors, who have been so advised by Davy Corporate
Finance, consider the terms of the Offer to be fair and reasonable and
unanimously recommend that Horizon Shareholders accept the Offer, as the Horizon
Directors and certain of their associates have irrevocably undertaken to do (or
procure to be done) in respect of their own beneficial interests and holdings,
being in aggregate 32,466,272 Horizon Shares, representing approximately 39.44
per cent. of the issued share capital of Horizon. In providing its advice, Davy
Corporate Finance has taken into account the commercial assessments of the
Horizon Directors.

*            Avnet has received irrevocable undertakings to accept (or procure
the acceptance of) the Offer from the Horizon Directors and certain of their
associates as well as irrevocable undertakings from certain other Horizon
Shareholders, in respect of, in aggregate, 50,505,578 Horizon Shares,
representing 61.35 per cent. of the issued share capital of Horizon.  The
undertakings from the Horizon Directors and certain of their associates remain
binding in the event of a competing offer being made for Horizon.  The
undertakings from the Horizon Shareholders (other than the Horizon Directors and
certain of their associates) remain binding in the absence of a competing bid
for a consideration which represents an improvement of 10 per cent. or more in
the value of the consideration offered by Avnet.

*            The Avnet Group is one of the largest distributors of electronic
components, computer products and technology services and solutions with more
than 300 locations serving more than 70 countries worldwide. The company
markets, distributes and optimises the supply-chain and provides design-chain
services for the products of the world's leading electronic component suppliers,
enterprise computer manufacturers and embedded subsystem providers. The Avnet
Group brings a breadth and depth of capabilities, such as maximising inventory
efficiency, managing logistics, assembling products and providing engineering
design assistance for its 100,000 customers, accelerating their growth through
cost-effective, value-added services and solutions. For the fiscal year ended 30
June 2007, Avnet, Inc. generated revenue of U.S.$15.7 billion. Avnet, Inc. is a
public company listed on the New York Stock Exchange since 1960.

*            Horizon is a leading technical integrator and distributor of
information technology products in the UK and Ireland.  In the United Kingdom,
Horizon focuses exclusively on the provision of enterprise infrastructure and
services. It assists customers, usually via a system integrator, in implementing
IT strategies through the provision of IT infrastructure, development and
consulting services.  In Ireland, Horizon operates in the enterprise solutions
market and assists customers in implementing IT strategies through the provision
of IT infrastructure, applications software development, implementation
consulting and support services.  For the fiscal year ended 31 December 2007,
Horizon generated revenue of Euro288 million.  Horizon is a public company listed
on the Irish and London Stock Exchanges since 1999.

*            The Offer is conditional, amongst other things, on the receipt of
EU merger control clearance.

Commenting on the Offer, Roy Vallee, Chairman and Chief Executive Officer of
Avnet, Inc. said:

"The acquisition of Horizon will strengthen Avnet Technology Solutions' position
in the UK IT distribution market and expand its geographic coverage into
Ireland.  Horizon's position with tier 1 vendors and growing services practice
offers an opportunity to bolster Avnet's current product and services offerings
in Europe. This acquisition creates exciting cross selling opportunities and
adds scale to our Avnet Technology Solutions business in the region.  We are
also excited about the management and talented team of people at Horizon that
will allow Avnet to accelerate the growth of Avnet Technology Solutions in
Europe."

Commenting on the Offer, Samir Naji, Chairman of Horizon, said:

"We are delighted to announce this transaction which is being unanimously
recommended by the Horizon Board. The Offer represents a substantial premium for
Horizon's shareholders and, as an all cash offer, provides certainty of value in
highly uncertain markets. The value ascribed to this offer recognises the
intrinsic value and strength of Horizon's business, which has been built through
the commitment of a dedicated team over many years."

Banc of America Securities is acting as exclusive financial adviser to Avnet,
Inc. and Avnet in respect of the Offer. Allen & Overy LLP and McCann FitzGerald
are acting as legal advisers to Avnet, Inc. and Avnet.

Davy Corporate Finance is acting as exclusive financial adviser to Horizon in
respect of the Offer. William Fry is acting as legal adviser to Horizon.



This summary should be read in conjunction with the full text of the attached
announcement and the appendices.


Enquiries:


AVNET, INC.                                                         Telephone:

Kirsten Klatt, European Communications Director                     Germany [phone]

Vincent Keenan, Vice President and Director, Investor Relations     US [phone]



BANC OF AMERICA SECURITIES                                          Telephone:
(Financial adviser to Avnet, Inc. and Avnet)

Derek Shakespeare, Managing Director - European M&A
                                                                    UK [phone]
Georg Schloendorff, Managing Director - Technology M&A              US [phone]

Hugh Moran, Associate - European M&A                                Ireland [phone]

HORIZON TECHNOLOGY GROUP PLC                                        Telephone: [phone]

Gary Coburn, Chief Executive Officer

Cathal O'Caoimh, Chief Financial Officer

DAVY CORPORATE FINANCE                                              Telephone: [phone]
(Financial adviser to Horizon)

Ivan Murphy

Stephen Barry

Roland French


K CAPITAL SOURCE                                                     Telephone: [phone]

(IR/PR adviser to Horizon)

Mark Kenny

Jonathan Neilan


Further Information

This announcement is made pursuant to Rule 2.5 of the Irish Takeover Rules.

This announcement does not constitute a prospectus or an equivalent document and
it is not intended to and does not constitute or form any part of an offer or
invitation to sell or purchase or subscribe for any securities or a solicitation
of an offer to buy any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to the Offer or otherwise. The Offer will be made
solely by means of the Offer Document which will contain the full terms and
conditions of the Offer. Any response to the Offer should be made only on the
basis of information contained in the Offer Document. Horizon Shareholders are
advised to read the formal documentation in relation to the Offer carefully,
once it has been dispatched.



The directors of Avnet, Inc. and Avnet accept responsibility for the information
contained in this announcement, other than that relating to Horizon and the
Horizon Group and the directors of Horizon and members of their immediate
families, related trusts and persons connected with them. To the best of the
knowledge and belief of the directors of Avnet, Inc. and Avnet (who have taken
all reasonable care to ensure that such is the case), the information contained
in this announcement for which they accept responsibility is in accordance with
the facts and does not omit anything likely to affect the import of such
information.



The directors of Horizon accept responsibility for the information contained in
this announcement relating to Horizon and the Horizon Group and the directors of
Horizon and members of their immediate families, related trusts and persons
connected with them. To the best of the knowledge and belief of the directors of
Horizon (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Banc of America Securities which is regulated in the United Kingdom  by the
Financial Services Authority is acting exclusively for Avnet, Inc. and Avnet in
connection with the Offer and for no-one else and will not be responsible to
anyone other than Avnet, Inc. and Avnet for providing the protections afforded
to clients of Banc of America Securities or for providing advice in relation to
the Offer or any other matters referred to in this announcement.

Davy Corporate Finance which is regulated in Ireland by the Financial Regulator
is acting exclusively for Horizon in connection with the Offer and for no-one
else and will not be responsible to anyone other than Horizon for providing the
protections afforded to clients of Davy Corporate Finance or for providing
advice in relation to the Offer or any other matters referred to in this
announcement.

Overseas Jurisdictions

The availability of the Offer to persons who are not resident in Ireland or the
United Kingdom may be affected by the laws of the relevant jurisdiction in which
they are located. Persons who are not resident in Ireland or the United Kingdom
should inform themselves about, and observe, any applicable legal or regulatory
requirements. The release, publication or distribution of this summary and the
attached announcement in jurisdictions other than Ireland and the United Kingdom
may be restricted by law and therefore any persons who are subject to the laws
of any jurisdiction other than Ireland and the United Kingdom should inform
themselves about, and observe, any applicable requirements. Any failure to
comply with the applicable requirements may constitute a violation of the
securities laws of any such jurisdiction. This summary and the attached
announcement have been prepared for the purpose of complying with Irish law and
the Irish Takeover Rules and the information disclosed may not be the same as
that which would have been disclosed if this announcement had been prepared in
accordance with the laws of jurisdictions outside Ireland.

Any persons (including, without limitation, any custodian, nominee or trustee)
who would, or otherwise intend to, or who may be under a contractual or legal
obligation to, forward this summary and the attached announcement and/or the
Offer Document and/or any other related document to any jurisdiction outside
Ireland and the United Kingdom should inform themselves of, and observe, any
applicable legal or regulatory requirements of their jurisdiction.

Further details in relation to overseas shareholders will be contained in the
Offer Document.

Forward-looking statements

This announcement includes "forward-looking statements" concerning Horizon and
Avnet. These statements are based on the current expectations of the management
of Horizon and Avnet and are naturally subject to uncertainty and changes in
circumstances. Forward-looking statements include, without limitation,
statements typically containing words such as "intends", "expects", "anticipates
", "targets", "estimates" and words of similar import. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. Given these
risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. Neither Horizon
nor Avnet undertake any obligation to update publicly or revise forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent legally required.

Dealing disclosure requirements

Any person, who is a holder of one per cent. or more of Horizon Shares may have
disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective
from 13 March 2008 (the date of the commencement of the offer period for
Horizon).

General

This summary should be read in conjunction with the full text of this
announcement. Appendix I to this announcement contains the conditions to, and
certain further terms of, the Offer; Appendix II to this announcement contains
further details of the sources of information and bases of calculations used in
this announcement; Appendix III to this announcement contains details of
irrevocable undertakings obtained by Avnet; and Appendix IV to this announcement
contains definitions of certain expressions used in this summary and in this
announcement.

If you are in any doubt about the action you should take, you are recommended to
seek your own personal financial advice immediately from your stockbroker, bank
manager, solicitor, accountant or independent financial adviser authorised under
the European Communities (Markets in Financial Instruments) Regulations 2007, if
you are resident in Ireland or, if not, from another appropriately authorised
independent financial adviser.




Not for release, publication or distribution, in whole or in part, in, into or
from ANY jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction.


                                                      18 April 2008



                           AVNET (HOLDINGS) LIMITED,
                    A WHOLLY-OWNED SUBSIDIARY OF AVNET, INC.


              RECOMMENDED CASH OFFER FOR HORIZON TECHNOLOGY GROUP PLC

1.              Introduction

The boards of Avnet, Inc., Avnet (Holdings) Limited ("Avnet") and Horizon
Technology Group plc ("Horizon") are pleased to announce that they have reached
agreement on the terms of a recommended cash offer to be made by Avnet, a wholly
owned subsidiary of Avnet, Inc., for the entire issued and to be issued share
capital of Horizon (other than Horizon Shares in the beneficial ownership of
Avnet on the date the offer is made) (the "Offer").

2.              The Offer

The Offer, which is on the terms and subject to the conditions set out in
Appendix I to this announcement and is subject to the further terms to be set
out in the Offer Document and the Form of Acceptance, is being made on the
following basis:

   for each Horizon Share                                      Euro1.18 in cash

*            The Offer values the entire issued and to be issued share capital
of Horizon at approximately Euro101.3 million.

*            The Offer represents a premium of approximately:

*        153.8 per cent. to the Closing Price of Euro0.465 per Horizon Share on 12
March 2008, being the last Business Day before the commencement of the Offer
Period; and

*        60.1 per cent. to the average daily Closing Price of Euro0.737 per Horizon
Share for the six month period before the commencement of the Offer Period.

*            The Horizon Shares to be acquired pursuant to the Offer will be
acquired fully paid and free from all liens, equities, charges, encumbrances,
rights of pre-emption and any other third party rights or interest whatsoever
and together with all rights now or hereafter attaching to them, including
voting rights and, without limitation, the right to receive and retain in full
all dividends and other distributions (if any) declared or made on or after the
date of this announcement.

There will be no loan note alternative.



3.              Recommendation

The Horizon Directors, who have been so advised by Davy Corporate Finance,
consider the terms of the Offer to be fair and reasonable and unanimously
recommend that Horizon Shareholders accept the Offer, as the Horizon Directors
and certain of their associates have irrevocably undertaken to do (or procure to
be done) in respect of their own beneficial interests and holdings, being, in
aggregate 32,466,272 Horizon Shares, representing approximately 39.44 per cent.
of the issued share capital of Horizon. In providing its advice, Davy Corporate
Finance has taken into account the commercial assessments of the Horizon
Directors.

4.              Irrevocable undertakings

Avnet has received irrevocable undertakings to accept (or procure the acceptance
of) the Offer from the Horizon Directors and certain of their associates as well
as irrevocable undertakings from certain other Horizon Shareholders, in respect
of, in aggregate, 50,505,578 Horizon Shares, representing 61.35 per cent. of the
issued share capital of Horizon. The undertakings from the Horizon Directors and
certain of their associates remain binding in the event of a competing offer
being made for Horizon. The undertakings from the Horizon Shareholders (other
than the Horizon Directors and certain of their associates) remain binding in
the absence of a competing bid for a consideration which represents an
improvement of 10 per cent. or more in the value of the consideration offered by
Avnet.

5.              Background to, and reasons for, the Offer

As a part of Avnet Technology Solutions' strategy to enable complete solutions,
Avnet Group has chosen to pursue value creating acquisitions that expand its
customer base and/or broaden its portfolio of products and services. The
acquisition of Horizon would deliver these objectives by providing an
opportunity to enhance Avnet Group's value proposition to both customers and
suppliers in EMEA.

The acquisition of Horizon will strengthen Avnet Technology Solutions' position
in the UK IT distribution market and expand its geographic coverage into
Ireland. By investing in technical resources and focusing on complete solutions,
Horizon has been able to expand its offerings. Their business model is an
excellent fit with Avnet Group's strategy to provide more value-add and affords
opportunities to exchange best practices.

Horizon's position with Tier 1 vendors and growing services practice offers an
opportunity to bolster Avnet's current product and services offerings in Europe.
This acquisition creates opportunities for cross-selling and adds scale to
Avnet's Technology Solutions business in the region. Horizon's management team
and talented employee base will also help Avnet to accelerate the growth of
Avnet Technology Solutions in Europe.

The terms of the Offer are consistent with Avnet Group's previously stated goals
for long-term return on capital employed. The transaction is also expected to be
accretive to earnings by approximately 10 U.S. cents per Avnet, Inc. share in
the financial year 2009, excluding integration charges. This statement does not
constitute a profit forecast and should not be interpreted to mean that earnings
for the financial year 2009 or any subsequent financial period would necessarily
be greater than for any preceding financial period or otherwise changed.

6.              Background to, and reasons for, the recommendation


On 13 March 2008, Horizon announced that it had received an approach in relation
to a possible offer to acquire the entire issued and to be issued share capital
of Horizon, at a price of Euro1.18 per ordinary share. The Horizon Directors
considered the approach, determined that it was in the best interests of Horizon
Shareholders, and permitted Avnet Inc. to undertake financial and legal due
diligence in order to facilitate the formulation of an offer for Horizon.



Avnet has now confirmed to Horizon that it is prepared to proceed with an offer
for the entire issued and to be issued share capital of Horizon for a cash
consideration of Euro1.18 per Horizon Share on a recommended basis.



The board of Horizon has decided to recommend the Offer and in arriving at its
decision the board of Horizon has considered the following:



*        the Offer represents a significant premium over the Closing Price of a
Horizon Share before the commencement of the Offer Period and over the average
Closing Price of a Horizon Share in the six months before the commencement of
the Offer Period;



*        the absence of any alternative offers or bona fide expressions of
interest;



*        the historically low levels of liquidity in the trading of Horizon
Shares; and



*        the significant volatility across global equity markets and the lower
near-term economic growth forecasts in the UK and Ireland.



7.              Information on the Avnet Group

The Avnet Group is one of the largest distributors of electronic components,
computer products and technology services and solutions with more than 300
locations serving more than 70 countries worldwide. The company markets,
distributes and optimises the supply-chain and provides design-chain services
for the products of the world's leading electronic component suppliers,
enterprise computer manufacturers and embedded subsystem providers. The Avnet
Group brings a breadth and depth of capabilities, such as maximising inventory
efficiency, managing logistics, assembling products and providing engineering
design assistance for its 100,000 customers, accelerating their growth through
cost-effective, value-added services and solutions. For the fiscal year ended 30
June 2007, Avnet, Inc. generated revenue of U.S.$15.7 billion.  Avnet, Inc. is a
public company listed on the New York Stock Exchange since 1960.

8.              Information on Horizon

Horizon is a leading technical integrator and distributor of information
technology products in the UK and Ireland.  In the United Kingdom, Horizon
focuses exclusively on the provision of enterprise infrastructure and services.
It assists customers, usually via a system integrator, in implementing IT
strategies through the provision of IT infrastructure, development and
consulting services.  In Ireland, Horizon operates in the enterprise solutions
market and assists customers in implementing IT strategies through the provision
of IT infrastructure, applications software development, implementation
consulting and support services.  For the fiscal year ended 31 December 2007,
Horizon generated revenue of Euro288 million.  Horizon is a public company listed
on the Irish and London Stock Exchanges since 1999.

9.              Plans for Horizon

Horizon will provide the Avnet Group with an opportunity to strengthen its
position in the UK and expand into Ireland. Horizon's market position in Ireland
and its growing professional services business offer a great opportunity to
bolster the Avnet Group's current product and services offerings in Europe.

10.           Regulatory Approvals

The Offer is conditional, amongst other things, on the receipt of EU merger
control clearance.



11.           Management and Employees

Avnet believes that the acquisition will provide attractive opportunities for
Horizon employees and looks forward to finalising arrangements in this regard.
Avnet expects the current management team to be directly involved in formulating
the integration, marketing and growth strategies in the future.  The existing
rights, including pension rights, of the employees of Horizon will be fully
safeguarded.

12.           Financing

The cash consideration payable by Avnet under the terms of the Offer is being
funded using the Avnet Group's existing resources.

Banc of America Securities, as financial adviser to Avnet, is satisfied that
sufficient resources are available to Avnet to satisfy, in full, the
consideration payable under the Offer.

13.           Expenses reimbursement agreement and Non-solicitation agreement

Avnet and Horizon have entered into an expenses reimbursement agreement, the
terms of which have been approved by the Irish Takeover Panel, and a
non-solicitation agreement.  These agreements contain certain obligations in
relation to the implementation of the Offer and the conduct of Horizon's
business in the period ending on the date the Offer becomes, or is declared,
unconditional in all respects or lapses. In particular, the expenses
reimbursement agreement contains the terms summarised below.

Horizon will pay Avnet an amount equal to its specific, quantifiable third party
advisory expenses and other third party costs and expenses up to a maximum
amount equal to one per cent. (inclusive of VAT to the extent not recoverable by
Horizon) of the fully diluted equity value of the Offer if, following this
announcement, the Offer is withdrawn or lapses in accordance with its terms, and
before such withdrawal or lapse:

*         a competing proposal is announced and subsequently completes; or

*         the Horizon Directors withdraw or adversely amend their recommendation
to accept the Offer or recommend a competing proposal.

Davy Corporate Finance, financial adviser to Horizon, has confirmed in writing
to the Irish Takeover Panel that, in the opinion of the Horizon Directors and
Davy Corporate Finance, the expenses reimbursement agreement is, in the context
of the Offer, in the best interests of Horizon Shareholders. Further information
relating to the agreement will be set out in the Offer Document.

14.           Disclosure of interests in Horizon Shares

Other than pursuant to the irrevocable undertakings referred to in paragraph 4
above, as at 17 April 2008, the last practicable day before this announcement,
neither Avnet, Inc. nor, so far as Avnet, Inc. is aware, any person acting in
concert with Avnet, Inc., owns or controls any Horizon Shares or holds any
options to acquire or subscribe for any Horizon Shares or any derivative
referenced to Horizon Shares.

Neither Avnet, Inc. nor any person acting in concert with Avnet, Inc.  has any
arrangement in relation to Horizon Shares, or any securities convertible or
exchangeable into Horizon Shares or options (including traded options) in
respect of, or derivatives referenced to, Horizon Shares. For these purposes,
'arrangement' includes an indemnity or option arrangement, any agreement or
understanding, formal or informal, of whatever nature, relating to relevant
securities which is, or may be, an inducement to deal or refrain from dealing in
such securities.

15.           Compulsory acquisition, delisting and cancellation of trading

Upon the Offer becoming or being declared unconditional in all respects and
sufficient acceptances having been received, it is the intention of Avnet to
apply the provisions of Regulation 23 of the Takeover Regulations to acquire
compulsorily any remaining Horizon Shares on the same terms as the Offer.



It is intended that, upon the Offer becoming or being declared unconditional in
all respects and subject to sufficient acceptances of the Offer being received
and the applicable requirements of the Irish Stock Exchange and the London Stock
Exchange, Avnet will procure that Horizon applies for cancellation of the
admission to trading of the Horizon Shares on the Irish Stock Exchange and the
London Stock Exchange and for Horizon's listing on the Official Lists of the
Irish Stock Exchange and of the UK Listing Authority to be cancelled.



The cancellation of the admission to trading and listing of Horizon Shares would
significantly reduce the liquidity and marketability of any Horizon Shares not
assented to the Offer.

16.           Overseas Shareholders

The availability of the transaction to Horizon Shareholders who are not resident
in Ireland or the United Kingdom may be affected by the laws of the relevant
jurisdictions. Such persons should inform themselves about and observe any
applicable requirements. Further details in relation to overseas shareholders
will be contained in the Offer Document.

17.           Horizon Share Option Schemes



The Offer will extend to any Horizon Shares unconditionally allotted or issued
pursuant to the exercise of options under the Horizon Share Option Schemes while
the Offer remains open for acceptance.  Appropriate proposals will be made in
due course to holders of options over Horizon Shares.



18.           General

The Offer Document setting out in full the terms and conditions of the Offer
will be posted to Horizon Shareholders not later than 28 days after the date of
this announcement unless otherwise agreed with the Irish Takeover Panel.

The Offer will be governed by the laws of Ireland and will be subject to the
applicable requirements of the Irish Takeover Rules, the Irish Takeover Panel,
the Irish and London Stock Exchanges and the UK Listing Authority.

The Offer will be subject to the conditions and further terms of the Offer set
out in Appendix I. Appendix II contains the bases and sources of certain
information used in this announcement. Appendix III contains details of the
irrevocable undertakings received by Avnet. The definitions of certain terms
used in this announcement are set out in Appendix IV.



Further Information

This announcement is made pursuant to Rule 2.5 of the Irish Takeover Rules.

This announcement does not constitute a prospectus or an equivalent document and
it is not intended to and does not constitute or form any part of an offer or
invitation to sell or purchase or subscribe for any securities or a solicitation
of an offer to buy any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to the Offer or otherwise. The Offer will be made
solely by means of the Offer Document which will contain the full terms and
conditions of the Offer. Any response to the Offer should be made only on the
basis of information contained in the Offer Document. Horizon Shareholders are
advised to read the formal documentation in relation to the Offer carefully,
once it has been dispatched.



The directors of Avnet, Inc. and Avnet accept responsibility for the information
contained in this announcement, other than that relating to Horizon and the
Horizon Group and the directors of Horizon and members of their immediate
families, related trusts and persons connected with them. To the best of the
knowledge and belief of the directors of Avnet, Inc. and Avnet (who have taken
all reasonable care to ensure that such is the case), the information contained
in this announcement for which they accept responsibility is in accordance with
the facts and does not omit anything likely to affect the import of such
information.



The directors of Horizon accept responsibility for the information contained in
this announcement relating to Horizon and the Horizon Group and the directors of
Horizon and members of their immediate families, related trusts and persons
connected with them. To the best of the knowledge and belief of the directors of
Horizon (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Banc of America Securities which is regulated in the United Kingdom by the
Financial Services Authority is acting exclusively for Avnet, Inc. and Avnet in
connection with the Offer and for no-one else and will not be responsible to
anyone other than Avnet, Inc. and Avnet for providing the protections afforded
to clients of Banc of America Securities or for providing advice in relation to
the Offer or any other matters referred to in this announcement.

Davy Corporate Finance which is regulated in Ireland by the Financial Regulator
is acting exclusively for Horizon in connection with the Offer and for no-one
else and will not be responsible to anyone other than Horizon for providing the
protections afforded to clients of Davy Corporate Finance or for providing
advice in relation to the Offer or any other matters referred to in this
announcement.

Overseas Jurisdictions

The availability of the Offer to persons who are not resident in Ireland or the
United Kingdom may be affected by the laws of the relevant jurisdiction in which
they are located. Persons who are not resident in Ireland or the United Kingdom
should inform themselves about, and observe, any applicable legal or regulatory
requirements. The release, publication or distribution of this summary and the
attached announcement in jurisdictions other than Ireland and the United Kingdom
may be restricted by law and therefore any persons who are subject to the laws
of any jurisdiction other than Ireland and the United Kingdom should inform
themselves about, and observe, any applicable requirements. Any failure to
comply with the applicable requirements may constitute a violation of the
securities laws of any such jurisdiction. This summary and the attached
announcement have been prepared for the purpose of complying with Irish law and
the Irish Takeover Rules and the information disclosed may not be the same as
that which would have been disclosed if this announcement had been prepared in
accordance with the laws of jurisdictions outside Ireland.

Any persons (including, without limitation, any custodian, nominee or trustee)
who would, or otherwise intend to, or who may be under a contractual or legal
obligation to, forward this summary and the attached announcement and/or the
Offer Document and/or any other related document to any jurisdiction outside
Ireland and the United Kingdom should inform themselves of, and observe, any
applicable legal or regulatory requirements of their jurisdiction.

Further details in relation to overseas shareholders will be contained in the
Offer Document.

Forward-looking statements

This announcement includes "forward-looking statements" concerning Horizon and
Avnet. These statements are based on the current expectations of the management
of Horizon and Avnet and are naturally subject to uncertainty and changes in
circumstances. Forward-looking statements include, without limitation,
statements typically containing words such as "intends", "expects", "anticipates
", "targets", "estimates" and words of similar import. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future. Given these
risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. Neither Horizon
nor Avnet undertake any obligation to update publicly or revise forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent legally required.

Dealing disclosure requirements

Any person, who is a holder of one per cent. or more of Horizon Shares may have
disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective
from 13 March 2008 (the date of the commencement of the offer period for
Horizon).

General

If you are in any doubt about the action you should take, you are recommended to
seek your own personal financial advice immediately from your stockbroker, bank
manager, solicitor, accountant or independent financial adviser authorised under
the European Communities (Markets in Financial Instruments) Regulations 2007, if
you are resident in Ireland or, if not, from another appropriately authorised
independent financial adviser.



Appendix I

CONDITIONS TO AND FURTHER TERMS OF THE OFFER.


                                     PART I

                            CONDITIONS OF THE OFFER

The Offer will comply with the Irish Takeover Rules, the respective rules and
regulations of the Irish Stock Exchange, the London Stock Exchange and the UK
Listing Authority and will be subject to the terms and conditions set out below
and to be set out in the Offer Document (and the related acceptance document).

The Offer will be subject to the following conditions:

(a)                 valid acceptances being received (and not, where permitted,
withdrawn) by not later than 1.00 p.m. (Dublin time) on the initial closing date
as specified in the Offer Document (or such later time(s) and/or date(s) as
Avnet may, with the consent of the Irish Takeover Panel or in accordance with
the Irish Takeover Rules, decide) in respect of not less than 90 per cent. (or
such lower percentage as Avnet may decide) in nominal value of the Horizon
Shares Affected, provided that this condition shall not be satisfied unless
Avnet shall have acquired or agreed to acquire (whether pursuant to the Offer or
otherwise) Horizon Shares conferring in aggregate more than 50 per cent. of the
voting rights then exercisable at a general meeting of Horizon.

For the purposes of this condition:

(i)                   any Horizon Shares which have been unconditionally
allotted shall be deemed to carry the voting rights they will carry upon their
being entered in the register of members of Horizon; and



(ii)                 the expression "Horizon Shares Affected" shall mean:



(A)          Horizon Shares which have been issued or unconditionally allotted
on or before the date the Offer is made; and



(B)           Horizon Shares which have been issued or unconditionally allotted
after that date but before the time at which the Offer closes, or such earlier
date as Avnet may, subject to the Irish Takeover Rules, decide (not being
earlier than the date on which the Offer becomes unconditional as to acceptances
or, if later, the initial closing date as specified in the Offer Document);



but excluding any Horizon Shares which, on the date the Offer is made, are held
in the beneficial ownership of Avnet within the meaning of Regulation 23 of the
Takeover Regulations;

(b)                 the European Commission indicating, in terms satisfactory to
Avnet, acting reasonably, that

(i)         a derogation has been granted pursuant to Article 7(3) of Council
Regulation (EC) No. 139/2004 (the Regulation) from the obligation in Article 7
(1) of the Regulation not to complete the Offer (the Concentration) before
clearance has been obtained under the Regulation; or

(ii)        the Concentration does not fall within the scope of the Regulation
pursuant to Article 6(1)(a) of the Regulation; or

(iii)       the Concentration is compatible with the common market pursuant to
Article 6(1)(b) of the Regulation or being deemed to have so indicated under
Article 10(6) of the Regulation;

(c)                 no government or governmental, quasi-governmental,
supranational, statutory or regulatory body or association, institution or
agency (including any trade agency) or any court or other body (including any
professional or environmental body) or person in any jurisdiction (each a
Relevant Authority) having decided to take, instituted or threatened any action,
proceeding, suit, investigation, enquiry or reference or enacted, made or
proposed and there not continuing to be outstanding any statute, regulation,
order or decision that would or might:

(i)                   make the Offer or the acquisition or the proposed
acquisition of any shares in, or control of, Horizon by any member of the Wider
Avnet Group void, unenforceable or illegal or directly or indirectly prohibit or
otherwise restrict, delay or interfere with the implementation of, or impose
additional conditions or obligations with respect thereto, or require amendment
thereof, or otherwise challenge or interfere with, the Offer or the acquisition
of any shares in, or control of, Horizon by any member of the Wider Avnet Group;

(ii)                 (except where the consequences thereof would not be
material (in value terms or otherwise) in the context of the Wider Horizon Group
taken as a whole) require, prevent or delay the divestiture (or alter the terms
of any proposed divestiture) by the Wider Avnet Group or the Wider Horizon Group
of all or any part of their respective businesses, assets or properties or
impose any limitation on their ability to conduct all or any part of their
respective businesses and to own or control any of their respective assets or
properties;

(iii)                impose any limitation on, or result in any delay in, the
ability of any member of the Wider Avnet Group to acquire or hold or to exercise
effectively, directly or indirectly, all or any rights of ownership of shares or
other securities (or the equivalent) in, or to exercise voting or management
control over, any member of the Wider Horizon Group or on the ability of any
member of the Wider Horizon Group to hold or exercise effectively, directly or
indirectly, all or any rights of ownership of shares or other securities (or the
equivalent) in, or exercise voting or management control over, any other member
of the Wider Horizon Group;

(iv)               (except where the consequences thereof would not be material
(in value terms or otherwise) in the context of the Wider Horizon Group taken as
a whole) require any member of the Wider Avnet Group or the Wider Horizon Group
to acquire or offer to acquire any shares or other securities (or the
equivalent) in any member of the Wider Horizon Group (other than pursuant to the
Offer) or any member of the Wider Avnet Group;

(v)                 (except where the consequences thereof would not be material
(in value terms or otherwise) in the context of the Wider Horizon Group taken as
a whole) impose any limitation on the ability of any member of the Wider Avnet
Group or the Wider Horizon Group to integrate or co-ordinate its business, or
any part of it, with the businesses or any part of the businesses of any other
member of the Wider Avnet Group and/or the Wider Horizon Group; or

(vi)               (except where the consequences thereof would not be material
(in value terms or otherwise) in the context of the Wider Horizon Group taken as
a whole) otherwise adversely affect the business, assets, financial or trading
position or profits or prospects of any member of the Wider Avnet Group or of
the Wider Horizon Group;

and all applicable waiting and other time periods during which any such Relevant
Authority could decide to take, institute or threaten any such action,
proceeding, suit, investigation, enquiry or reference having expired, lapsed or
been terminated;

(d)                 all necessary filings having been made and all appropriate
waiting periods (including any extensions thereof) under any applicable
legislation or regulation of any jurisdiction having expired, lapsed or been
terminated in each case in respect of the Offer and the acquisition of any
shares or other securities in, or control or management of, Horizon by any
member of the Wider Avnet Group and all authorisations, orders, grants,
recognitions, confirmations, licences, consents, clearances, permissions and
approvals (authorisations) necessary or appropriate in any jurisdiction for or
in respect of the Offer and the proposed acquisition of any shares in or other
securities, or control of, Horizon by Avnet or any member of the Wider Avnet
Group being obtained in terms and in a form satisfactory to Avnet from
appropriate Relevant Authorities or from any persons or bodies with whom any
member of the Wider Avnet Group or the Wider Horizon Group has entered into
contractual arrangements and such authorisations together with all
authorisations necessary or appropriate for any member of the Wider Horizon
Group to carry on its business remaining in full force and effect at the time at
which the Offer becomes unconditional in all respects and no intimation of any
intention to revoke, suspend, restrict or modify or not to renew any of the same
having been made and all necessary statutory or regulatory obligations in any
jurisdiction having been complied with;

(e)                 except as publicly announced by Horizon by the delivery of
an announcement to a Regulatory Information Service or fairly disclosed in
writing by or on behalf of Horizon to Avnet, in each case before the date of
this announcement, there being no provision of any agreement, arrangement,
licence or other instrument to which any member of the Wider Horizon Group is a
party or by or to which any such member or any of its assets is or may be bound,
entitled or subject which, as a result of the making or implementation of the
Offer or the acquisition or proposed acquisition by Avnet or any member of the
Wider Avnet Group of any shares or other securities in, or change in the control
or management of, Horizon or otherwise, would or might result in (except where
the consequences thereof would not be material (in value terms or otherwise) in
the context of the Wider Horizon Group taken as a whole):

(i)                   any moneys borrowed by or any other indebtedness (actual
or contingent) of any such member of the Wider Horizon Group becoming repayable
or capable of being declared repayable immediately or earlier than the stated
repayment date or the ability of Horizon to borrow monies or incur any
indebtedness being withdrawn or inhibited;

(ii)                 the creation or enforcement of any mortgage, charge or
other security interest over the whole or any part of the business, property or
assets of any such member of the Wider Horizon Group or any such security
interest (whenever created, arising or having arisen) becoming enforceable;

(iii)                any assets or interest of any such member of the Wider
Horizon Group being or falling to be disposed of or charged or any right arising
under which any such asset or interest could be required to be disposed of or
charged other than in the ordinary course;

(iv)               the interest or business of any such member of the Wider
Horizon Group in or with any other person, firm or company (or any agreements or
arrangements relating to such interest or business) being terminated or
adversely modified or affected;

(v)                 any such member of the Wider Horizon Group ceasing to be
able to carry on business under any name under which it presently does so;

(vi)               the financial or trading position or prospects or the value
of any member of the Wider Horizon Group being prejudiced or adversely affected;
and

(vii)              the creation of any liability (actual or contingent) by any
such member of the Wider Horizon Group;

and no event having occurred which, under any provision of any agreement,
arrangement, licence or other instrument to which any member of the Wider
Horizon Group is a party or by or to which any such member or any of its assets
may be bound or be subject, could result in any events or circumstances as are
referred to in subparagraphs (i) to (vii) of this paragraph (e);

(f)                  except as publicly announced by Horizon by the delivery of
an announcement to a Regulatory Information Service or fairly disclosed in
writing by or on behalf of Horizon to Avnet or disclosed in the annual report
and accounts for the year ended 31 December 2007, in each case before the date
of this announcement, no member of the Wider Horizon Group having since 31
December 2007:

(i)                   issued or agreed to issue or authorised the issue of
additional shares of any class, or securities convertible into, or rights,
warrants or options to subscribe for or acquire, any such shares or convertible
securities (save as between Horizon and wholly-owned subsidiaries of Horizon or
upon the exercise of rights to subscribe for Horizon Shares pursuant to options
granted under the Horizon Share Option Schemes before the date of this
announcement) or redeemed, purchased or reduced or made any other change to any
part of its share capital;

(ii)                 sold or transferred or agreed to sell or transfer any
treasury shares;

(iii)                recommended, declared, paid or made or proposed to
recommend, declare, pay or make any bonus, dividend or other distribution,
whether payable in cash or otherwise, other than a distribution by any
wholly-owned subsidiary of Horizon;

(iv)               implemented or authorised any merger or demerger or acquired
or disposed of or transferred, mortgaged or charged, or created any other
security interest over, any asset or any right, title or interest in any asset
(including shares and investments) (other than in the ordinary course of
trading);

(v)                 implemented or authorised any reconstruction, amalgamation,
scheme or other transaction or arrangement (otherwise than in the ordinary
course of business);

(vi)               made or authorised any change in its loan capital or issued
or authorised the issue of any debentures or incurred or increased any
indebtedness or contingent liability;

(vii)              entered into, varied or terminated, or authorised the entry
into, variation or termination of, any material contract, commitment or
arrangement (whether in respect of capital expenditure or otherwise) which is
outside the ordinary course of business or which is of a long term, onerous or
unusual nature or magnitude or which involves or could involve an obligation of
a nature or magnitude;

(viii)            entered into any contract, commitment or arrangement which
would be materially restrictive on the business of any member of the Wider
Horizon Group or the Wider Avnet Group;

(ix)                been unable, or admitted in writing that it is unable, to
pay its debts or having stopped or suspended (or threatened to stop or suspend)
payment of its debts generally or ceased or threatened to cease carrying on all
or a substantial part of its business;

(x)                  taken any corporate action or had any legal proceedings
started or threatened against it for its winding-up (voluntary or otherwise),
dissolution, examination or reorganisation (or for any analogous proceedings or
steps in any jurisdiction) or for the appointment of a receiver, examiner,
administrator, administrative receiver, trustee or similar officer (or for the
appointment of any analogous person in any jurisdiction) of all or any of its
assets and revenues;

(xi)                waived, compromised or settled any claim otherwise than in
the ordinary course of business;

(xii)               entered into or varied the terms of any service agreement or
arrangement with any Horizon Director or senior executive of Horizon;

(xiii)             entered into any trust deeds constituting pension schemes
established for its directors and/or employees and/or their dependents;

(xiv)             proposed, agreed to provide or modified the terms of any share
option scheme or incentive scheme of the Wider Horizon Group;

(xv)              save as between Horizon and its wholly-owned subsidiaries,
granted any lease in respect of any of the leasehold or freehold property owned
or occupied by it or transferred or otherwise disposed of any such property;

(xvi)             made any alteration to its memorandum or articles of
association;

(xvii)           entered into any contract, commitment or arrangement or passed
any resolution or made any offer (which remains open for acceptance) with
respect to, or proposed or announced any intention to effect or propose, any of
the transactions, matters or events referred to in this condition;

(g)                 since 31 December 2007 except as publicly announced by
Horizon by the delivery of an announcement to a Regulatory Information Service
or fairly disclosed in writing by or on behalf of Horizon to Avnet or as
disclosed in the annual report and accounts for the year ended 31 December 2007
in each case before the date of this announcement:

(i)                   no adverse change having occurred in the business, assets,
financial or trading position or profits or prospects of any member of the Wider
Horizon Group (except where the consequences thereof would not be material (in
value terms or otherwise) in the context of the Wider Horizon Group taken as a
whole);

(ii)                 no litigation, arbitration proceedings, prosecution or
other legal proceedings having been threatened, announced, instituted or
remaining outstanding by, against or in respect of any member of the Wider
Horizon Group or to which any member of the Wider Horizon Group is a party
(whether as plaintiff or defendant or otherwise) and no investigation by any
Relevant Authority against or in respect of any member of the Wider Horizon
Group having been threatened, announced instituted or remaining outstanding by,
against or in respect of any member of the Wider Horizon Group; and

(iii)                no contingent or other liability having arisen which would
or might reasonably be expected to adversely affect any member of the Wider
Horizon Group (except where the consequences thereof would not be material (in
value terms or otherwise) in the context of the Wider Horizon Group taken as a
whole);

(h)                 Avnet not having discovered that, except as publicly
announced by Horizon by the delivery of an announcement to a Regulatory
Information Service or fairly disclosed in writing by or on behalf of Horizon to
Avnet or as disclosed in the annual report and accounts for the year ended 31
December 2007, in each case before the date of this announcement (except where
the consequences thereof would not be material (in value terms or otherwise) in
the context of the Wider Horizon Group taken as a whole):

(i)                   any financial, business or other information publicly
disclosed at any time by any such member of the Wider Horizon Group is
misleading, contains a misrepresentation of fact or omits to state a fact
necessary to make the information contained therein not misleading which in any
case is adverse to the financial or trading position of the Wider Horizon Group
taken as a whole;

(ii)                 any past or present member of the Wider Horizon Group has
failed to comply with any applicable legislation or regulations of any
jurisdiction or any notice or requirement of any Relevant Authority with regard
to the storage, disposal, discharge, spillage, release, leak or emission of any
waste or hazardous or harmful substance or any substance likely to impair the
environment or harm human or animal health or otherwise relating to
environmental matters or that there has otherwise been any such storage,
disposal, a discharge, spillage, release, leak or emission (whether or not the
same constituted non-compliance by any person with any such legislation or
regulation, and whenever the same may have taken place) on or from any land or
property of any description or other asset now or previously owned, occupied or
made use of by any past or present member of the Wider Horizon Group, any of
which non-compliance would be likely to give rise to any liability (whether
actual or contingent) or cost on the part of any member of the Wider Horizon
Group; or

(iii)                there is or is likely to be any obligation or liability
(whether actual or contingent) to make good, repair, re-instate or clean up any
property now or previously owned, occupied, operated or made use of or
controlled by any past or present member of the Wider Horizon Group under any
environmental legislation, regulation, notice, circular or order of any Relevant
Authority in any jurisdiction.

Avnet reserves the right at its absolute discretion to waive, in whole or in
part, all or any of the above conditions, except conditions (a) and (b) as
applicable.

The Offer will lapse unless all the above conditions are fulfilled or (if
capable of waiver) waived or, where appropriate, determined by Avnet in its
reasonable opinion to have been or remain satisfied by midnight on the day which
is 21 days after the later of the initial closing date as specified in the Offer
Document and the date on which the Offer becomes or is declared unconditional as
to acceptances (or such later date as Avnet may, with the consent of the Irish
Takeover Panel or in accordance with the Irish Takeover Rules, decide). Avnet
shall be under no obligation to waive any of conditions (c) to (h) inclusive or
treat as fulfilled any of conditions (b) to (h) inclusive by a date earlier than
the date specified above for the satisfaction thereof notwithstanding that the
other conditions of the Offer may at such earlier date have been waived or
fulfilled and that there are at such earlier date no circumstances indicating
that any of such conditions may not be capable of fulfilment.

If Avnet is required by the Irish Takeover Panel to make an offer or offers for
any Horizon Shares under Rule 9 of the Irish Takeover Rules, Avnet may make such
alterations to the above conditions as are necessary to comply with that Rule.

To the extent that the Offer would give rise to a concentration with a Community
dimension within the scope of the Regulation, the Offer shall lapse if the
European Commission initiates proceedings in respect of that concentration under
Article 6(1)(c) of the Regulation or refers the concentration to a competent
authority of a Member State under Article 9(1) of the Regulation before the
first closing date of the Offer or the date when the Offer becomes or is
declared unconditional as to acceptances, whichever is the later.

If the Offer lapses, the Offer will cease to be capable of further acceptance
and those Horizon Shareholders who have, as at the time of such lapse, accepted
the Offer shall then cease to be bound by their acceptances of the Offer
submitted at or before the time when the Offer lapses.

The Offer will be governed by Irish law and be subject to the jurisdiction of
the Irish courts.



                                  PART II

                     CERTAIN FURTHER TERMS OF THE OFFER

The Horizon Shares will be acquired by Avnet free from all liens, charges,
encumbrances, rights of pre-emption and any other third party rights of any
nature whatsoever and together with all rights attaching to them including the
right to receive in full all dividends and other distributions declared, paid or
made after the date of this announcement.

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality of interstate or foreign
commerce of, or any facilities of a national securities exchange of, any
jurisdiction if to do so would constitute a violation of the relevant laws in
such jurisdiction.  Accordingly, copies of this announcement are not being, and
must not be, mailed or otherwise distributed or sent in or into any jurisdiction
if to do so would constitute a violation of the relevant laws in such
jurisdiction.

The provisions referred to in the previous paragraph may be waived or varied by
Avnet in its sole discretion as regards specific Horizon Shareholders or
generally subject to applicable law.



                                  Appendix II

               SOURCES OF INFORMATION AND BASES OF CALCULATION



(a)      The value attributed to the existing issued and to be issued
share capital of Horizon is based upon:

            (i)       82,318,568 Horizon Shares in issue; and

           (ii)       3,522,543 Horizon Shares under option;

as at the close of business on 17 April 2008, being the last Business Day before
this announcement.

(b)                 Horizon Share prices are sourced from the Official List.

(c)                 References to a percentage of Horizon Shares are based on
the number of Horizon Shares in issue as at the close of business on 17 April
2008, being the last Business Day before this announcement, but do not include
any shares issuable under options and other rights granted under the Horizon
Share Option Schemes.

(d)                 Unless otherwise stated, the financial information on Avnet
is extracted from Avnet, Inc.'s annual report for the year ended 30 June 2007.

(e)                 Unless otherwise stated, the financial information on
Horizon is extracted from Horizon's annual report and accounts for the year
ended 31 December 2007.

(f)                  References to the percentage of Horizon Shares which are
the subject of irrevocable undertakings to accept (or procure the acceptance of)
the Offer, do not include the 2,573,500 Horizon Shares which may become subject
to the undertaking given by Horizon ESOP Limited.



                          APPENDIX III

               DETAILS OF IRREVOCABLE UNDERTAKINGS


The following holders of Horizon Shares have given irrevocable undertakings to
accept the Offer:


Name                            Number of Horizon Shares    Per cent. of issued share capital

Samir Naji & Family                           31,029,138                               37.69%
Charles Garvey                                 1,280,000                                1.55%
Paul Kenny                                       131,587                                0.16%
Cathal O'Caoimh                                   25,547                                0.03%

Focus Investments                              7,359,109                                8.94%
Gartmore                                       6,369,319                                7.74%
Quinn Direct                                   3,850,410                                4.68%
Horizon ESOP Limited                             460,468                                0.56%

(not the subject of
options)

Total irrevocable                             50,505,578                               61.35%
undertakings

Horizon ESOP Limited                           2,573,500                                3.13%
(subject to options)

Total                                         53,079,078                               64.48%



In respect of the undertakings given by the Horizon Directors (and/or certain of
their associates and/or their nominees), these undertakings will cease to be
binding only if the Offer lapses or is withdrawn and remain binding in the event
that a higher competing offer for Horizon is made.



In respect of the undertakings given by the Horizon Shareholders (and/or their
nominees) (other than the Horizon Directors and/or certain of their associates
and/or their nominees), these undertakings will cease to be binding if a
competing offer is made or announced with a value which represents an
improvement of 10 per cent. or more in the value of the consideration offered by
Avnet, or if the Offer lapses or is withdrawn.



The undertaking to accept the Offer given by Horizon ESOP Limited relates to
460,468 Horizon Shares which are held by it on the terms of a trust for the
benefit of eligible employees of the Horizon Group and which are not the subject
of options granted by Horizon ESOP Limited to eligible employees under the
Horizon Technology Group plc 1998 Executive Share Option Plan.  The undertaking
to accept the Offer will also cover up to a further 2,573,500 Horizon Shares
which are held by Horizon ESOP Limited on the terms of the trust but which are
the subject of options granted by it to eligible employees under the Horizon
Technology Group plc 1998 Executive Share Option Plan upon (i) the surrender,
renunciation or lapse of any such option or (ii) at the direction of holders of
such options on their exercise.


                                    APPENDIX IV

                                    DEFINITIONS

The following definitions apply throughout this announcement unless the context
requires otherwise:

Avnet                               Avnet (Holdings) Limited

Avnet Group                         Avnet, Inc. and its subsidiary undertakings

Banc of America Securities          Banc of America Securities Limited of 5 Canada Square, London
                                    E14 5AQ, UK

Business Day                        any day, other than a Saturday, Sunday or public or bank
                                    holiday, on which banks are generally open for business in
                                    Dublin, London and New York

Closing Price                       the official closing price or the middle market quotation of a
                                    Horizon Share, as appropriate, as derived from the Official
                                    List

Davy Corporate Finance              Davy Corporate Finance, a wholly owned subsidiary of J&E Davy,
                                    trading as Davy, of Davy House, 49 Dawson Street, Dublin 2,
                                    Ireland

EMEA                                Europe, Middle East and Africa

Form of Acceptance                  the form of acceptance relating to the Offer which will
                                    accompany the Offer Document

Horizon                             Horizon Technology Group plc

Horizon Directors                   the directors of Horizon

Horizon Group                       Horizon and its subsidiary undertakings

Horizon Share(s)                    the existing unconditionally allotted or issued and fully paid
                                    ordinary shares of Euro0.07 each in the capital of Horizon and
                                    any further such shares which are unconditionally allotted or
                                    issued before the date on which the Offer closes (or such
                                    earlier date as Avnet may, with the Irish Takeover Panel's
                                    consent or subject to the Irish Takeover Rules, decide)

Horizon Share Option Schemes        the Horizon 1998 Share Option Scheme, the Horizon 1998 Share
                                    Option Scheme (as amended), the Horizon 1999 Share Option
                                    Scheme, and the Horizon 1998 Executive Share Option Plan

Horizon Shareholders                the holders of Horizon Shares from time to time including
                                    Horizon ESOP Limited

Irish Stock Exchange                The Irish Stock Exchange Limited

Irish Takeover Panel                the Irish Takeover Panel, established under the Irish Takeover
                                    Panel Act 1997

Irish Takeover Rules                the Irish Takeover Panel Act 1997, Takeover Rules 2007

London Stock Exchange               London Stock Exchange plc

Offer                               the recommended offer to be made by Avnet to acquire the
                                    entire issued and to be issued ordinary share capital of
                                    Horizon (other than Horizon Shares in the beneficial ownership
                                    of Avnet on the date the Offer is made) on the terms and
                                    subject to the conditions to be set out in the Offer Document
                                    and the Form of Acceptance, and where the context so requires,
                                    any subsequent revision, variation, extension or renewal of
                                    such offer

Offer Document                      the document detailing the terms and conditions of the Offer
                                    to be sent to Horizon Shareholders

Offer Period                        the period commencing on 13 March 2008 (the date of an
                                    announcement of a possible offer for Horizon) and ending on
                                    the initial closing date as specified in the Offer Document
                                    or, if later, the time at which the Offer becomes
                                    unconditional as to acceptances or lapses, whichever first
                                    occurs

Official List                       the Official List of the Irish Stock Exchange and/or the
                                    Official List of the UK Listing Authority, as the context
                                    requires

Regulatory Information Service      any of the services set out in Schedule 12 of Appendix 2 to
                                    the Listing Rules of the Irish Stock Exchange and includes the
                                    Company Announcements Office of the Irish Stock Exchange

Takeover Regulations                the European Communities (Takeover Bids (Directive 2004/25/
                                    EC)) Regulations 2006

UK or United Kingdom                the United Kingdom of Great Britain and Northern Ireland

U.S.$ or U.S. cent                  the lawful currency from time to time of the United States of
                                    America

Wider Avnet Group                   Avnet and its subsidiaries, subsidiary undertakings,
                                    associated undertakings and any other undertakings in which
                                    Avnet and/or such undertakings (aggregating their interest)
                                    have a substantial interest. For these purposes, substantial
                                    interest means a direct or indirect interest in more than 20
                                    per cent. of the voting equity share capital

Wider Horizon Group                 Horizon and its subsidiaries, subsidiary undertakings,
                                    associated undertakings and any other undertakings in which
                                    Horizon and/or such undertakings (aggregating their interest)
                                    have a substantial interest. For these purposes, substantial
                                    interest means a direct or indirect interest in more than 20
                                    per cent. of the voting equity share capital


For the purposes of this announcement, "subsidiary", "subsidiary undertaking",
"undertaking" and "associated undertaking" have the meanings given by the
European Communities (Companies: Group Accounts) Regulations 1992.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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