"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%.