WESCO sweetens Anixter offer
WESCO International has delivered an improved proposal to the Anixter International board of directors to acquire Anixter for $93.50 per share in cash and stock.
The offer would pay $63.00 in cash, $13.85 in WESCO common stock and $16.65 in face amount of WESCO preferred stock. WESCO said that based on the number of shares of WESCO and Anixter common stock currently outstanding, it is anticipated that WESCO stockholders would own 84 percent and Anixter stockholders 16 percent of the combined company.
"This transaction would advance WESCO's strategic objective of becoming a leading service-focused global supply chain solutions company. With increased scale, complementary capabilities and industry-leading technologies, together, we would be ideally positioned to digitize our business, expand our extensive services portfolio and supply chain offerings, and deliver solutions to our customers whenever and wherever they need them," said John J. Engel, WESCO's chairman, president and chief executive officer.
Anixter's board is reviewing WESCO's latest offer.
In October, Anixter, a global distributor of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions, entered into an agreement to be acquired by a fund sponsored by Clayton, Dubilier & Rice in an all cash transaction valued at at $86 a share, or approximately $3.9 billion.
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