SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Order Granting the Application of Avnet, Inc. to Withdraw its Common Stock, $1.00 par value, from Listing and Registration on the Pacific Exchange, Inc. File No. 1-04224
June 2, 2005
On April 13, 2005, Avnet, Inc., a New York corporation ("Issuer"), filed an application with the Securities and Exchange Commission ("Commission"), pursuant to Section 12(d) of the Securities Exchange Act of 1934 ("Act")1 and Rule 12d2-2(d) thereunder,2 to withdraw its common stock, $1.00 par value ("Security"), from listing and registration on the Pacific Exchange, Inc. ("PCX"). Notice of such application requesting comments was published in the Federal Register on May 16, 2005.3 No comments were received. As discussed below, the Commission is granting the application.
The Board of Directors ("Board") of the Issuer approved a resolution on November 12, 2004 to withdraw the Security from listing on the PCX. The Issuer stated the following reasons factored into the Board's decision to withdraw the Security from listing on the PCX: (1) The Issuer's request for withdrawal from listing on the PCX is voluntary and based on costs considerations. (2) The Issuer is currently listed on both the PCX and the New York Stock Exchange ("NYSE"), and has resolved to withdraw from listing its Security on the PCX in order to save listing fees and other associated costs. The Issuer stated that the Security will continue to list on the NYSE following its delisting from the PCX
The Issuer stated that it has complied with PCX Rule 5.4(b) by providing the PCX with the required documents governing the withdrawal of securities from listing and registration on the PCX. The Issuer's application relates solely to the withdrawal of the Security from listing on the PCX and shall not affect its continued listing on the NYSE or its obligation to be registered under Section 12(b) of the Act. 4
The Commission, having considered the facts stated in the application and having due regard for the public interest and protection of investors, orders that the application be, and it hereby is, granted, effective at the opening of business on June 3, 2005.
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.5
Jonathan G. Katz
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