Market Overview

Anixter Bidding War Continues As WESCO Raises Offer To $97 Per Share

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Wesco International, Inc. (NYSE: WCC) has submitted an improved proposal to buy Anixter International (NYSE: AXE) raising the bid from $93.50 to $97 per Anixter share.

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.

See Also: Wesco Confirms Offer For Anixter

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 closed down 0.86% to $58.88 on Thursday. The stock has a 52-week high of $61.02 and a 52-week low of $42.03.

Anixter traded higher by 3.8% to close at $95.65

Posted-In: M&A News

 

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