Market Overview

Wesco To Buy Anixter In $4.5B Merger: It's Official

Wesco To Buy Anixter In $4.5B Merger: It's Official

Anixter International Inc. (NYSE: AXE) and Wesco International, Inc. (NYSE: WCC) announced Monday that their boards have approved a definitive merger agreement under which Wesco will acquire Anixter in a transaction valued at approximately $4.5 billion.

Anixter shareholders will receive $100 per share in cash, stock and preferred stock.

Anixter's prior agreement to be acquired by Clayton, Dubilier & Rice, LLC has been terminated.

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 reported 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 that showed an internal memo to employees from the CEO disclosing that the company received interest from a 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.

On Monday, Anixter announced it will merge with Wesco International, Inc and that its agreement with Clayton, Dubilier & Rice has been terminated.

Wesco shares were trading down 0.9% at $57.59 at the time of publication, while Anixter shares were down 0.78% at $98.20. 

Related Links:

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

Wesco Confirms Offer For Anixter

Posted-In: M&A News Best of Benzinga


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