Wishbone Management LP Issues Letter to Avnet, Inc. Shareholders Announcing Its Intention to Vote Against Two Directors at 2026 Annual Meeting
Wishbone Management LP Issues Letter to Avnet, Inc. Shareholders Announcing Its Intention to Vote Against Two Directors at 2026 Annual Meeting
PR Newswire
NEW YORK, Nov. 3, 2026
Plans to Vote against Rodney Adkins and Ernest Maddock
NEW YORK, Nov. 3, 2026 /PRNewswire/ -- Wishbone Management, LP, together with affiliates, today issued an open letter to the Company's shareholders.
The full text of the letter is set forth below:
To the Shareholders of Avnet, Inc. ("Avnet"):
Our investment fund presently owns 400,000 shares of Avnet. We once owned more, and would still, if we had more confidence in the way the company was managed financially. We plan to vote NO on the election of Board Chairman Rodney Adkins and NO on the election of Independent Director Ernest Maddock. Last year, we spoke with Messrs. Adkins and Maddock to register our displeasure with the Company's decision to issue $550 million of convertible debt that may require the Company to issue nearly 8 million shares of stock at roughly $70 per share, representing a discount of roughly 20% to the current stock price and a multiple of only six times the consensus Wall Street estimate for fiscal 2027 adjusted EPS (per Bloomberg). We think the merits of this decision – taken only months before the onset of one of the most robust cyclical recoveries in the history of the analog industry – speak for themselves. Our voting decisions referenced above reflect our belief that the Board should include at least one significant non-management shareholder and at least one other Independent Director with an investing background.
Wishbone Partners, LP
Contact: IR@ruanecunniff.com
SOURCE Ruane Cunniff
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