Market Overview

Wesco Confirms Offer For Anixter

Share:
Wesco Confirms Offer For Anixter

Wesco International, Inc. (NYSE: WCC) confirmed Tuesday it's seeking to acquire Anixter International (NYSE: AXE) and has most recently made an offer valued at $90 per Anixter share.

"Our proposal to acquire Anixter represents a compelling opportunity to deliver significant and immediate value to Anixter's stockholders, and to afford Anixter stockholders the ability to participate in the long-term growth and value creation of the combined company,” Wesco CEO John Engel said in a statement.

Related: Platinum Equity Affiliate Buys Wesco Aircraft For $1.9B

This news came a day after Anixter said it had agreed to a bid worth $86 per share and $2.50 per share contingent value rights from private equity firm Clayton, Dubilier & Rice.

The timeline for the Anixster M&A is as follows:

  • On Oct. 30, Anixter announced a definitive agreement to be acquired by Clayton, Dubilier & Rice for $81 per share in cash.
  • On Nov. 22, Anixter reports amended merger terms with Clayton, Dubilier & Rice, the cash price was raised from $81 to $82.50 per share.
  • On Dec. 5, Anixter shares traded higher due to a 8-K filing which showed an internal memo to employees from the CEO disclosing the company received interest from party other than Clayton Dubilier & Rice and was in ongoing talks.
  • On Dec. 23, Anixter announced it had an amended and restated merger agreement with Clayton, Dubilier & Rice to increase consideration to $86 per share and a $2.50 contingent value right.

Wesco shares traded higher by 9.5% to $60.85 at time of publication Fray. The stock has a 52-week high of $57.94 and a 52-week low of $42.03. Anixter traded up about 2%.

 

Related Articles (AXE + WCC)

View Comments and Join the Discussion!

Posted-In: M&A News Best of Benzinga