(Bloomberg) -- Premier Farnell Plc, the U.K. supplier of the Raspberry Pi mini-computer, soared in London trading after electronics distributor Avnet Inc. agreed to buy the company for 691 million pounds ($909 million), trumping an offer from Switzerland’s Daetwyler Holding AG. The stock rose above the bid price.

Avnet will pay 185 pence a share in cash, according to a statement Thursday from the companies. The price is 12 percent higher than Daetwyler’s 165-pence bid. Premier Farnell’s board plans to unanimously recommend the offer to shareholders and is no longer supporting Daetwyler’s proposal, it said in the statement. Daetwyler has taken note of Avnet’s counterbid and is considering its options, a representative of the company said by phone

Avnet and Daetwyler have targeted Premier Farnell in an effort to consolidate the fragmented European electronic-components distribution market. The U.K. company and Phoenix, Arizona-based Avnet share similar strategic values and are complementary in terms of product range, distribution channels and geographic footprint, the companies said.

Combining the businesses should lead to procurement savings and also increase revenue as the companies sell each others’ products, the companies said. The deal should add to Avnet’s earnings per share as soon as it is completed, according to the statement. Premier Farnell’s Raspberry Pi computers are programmable and were designed to help people with coding.

Premier Farnell surged 17 percent at 192.25 pence at 11:50 a.m. in London. Shares of Avnet fell 0.3 percent to close at $40.84 in the U.S. on Wednesday, valuing the company at $5.2 billion.

Bank of America Merrill Lynch acted as financial adviser to Avnet and Gibson Dunn & Crutcher LLP was the company’s legal counsel. Lazard Ltd. advised Premier Farnell.

To contact the reporter on this story: Elco van Groningen in Amsterdam at To contact the editors responsible for this story: Tara Patel at, Phil Serafino

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