Wesco Confirms Offer For Anixter - WESCO International (NYSE:WCC)

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.

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%.

WCCWESCO International Inc

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