Arrow said the move would make it the world's largest electronics distributor, with projected annual sales of $1.68 billion.
Arrow, the electronics distributor, said that it expected to break even for the quarter.
By the end of the decade, the company's electronics distribution sales had climbed to $177 million, establishing Arrow as the country's second largest electronics distributor.
Elias Zinn, who founded the Entertainment Marketing chain of electronics distributors, made a $240 million bid.
The merger, which is subject to shareholder approval and regulatory review, would create the world's third-largest electronics distributor, with combined sales of more than $1.6 billion.
The deal, valued at $2.8 billion, would create the world's third-largest electronics distributor.
Digi-Key is a privately held global electronics distributor based in Thief River Falls.
An electronics distributor pleaded guilty on Tuesday to paying $113,000 in kickbacks to a senior buyer at Norden Systems Inc.
His father is an owner of Aiken Advanced Systems, an electronics distributor in Alexandria, Va.
Her husband was a sales director for an electronics distributor.