Anixter agrees to CD&R's raised all-cash buyout bid [MarketWatch]
ANIXTER INTL (AXE)
Last anixter intl earnings: 4/28 06:30 am
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Source: MarketWatch
Anixter agrees to CD&R's raised all-cash buyout bid Anixter International Inc. AXE, -0.69% said it has agreed to amend its merger agreement with Clayton, Dubilier and Rice LLC (CD&R), in which the per-share bid is increased to $93.50 in cash from $86.00 in cash and a $2.50 contingent value right upon the occurrence of certain events. The new bid is now valued at $4.3 billion. The new per-share bid comes after Wesco International Inc.'s WCC, -1.00% increased its buyout bid on Dec. 26 to $93.50 a share, but that includes $63 a share in cash and the rest in Wesco stock. "In evaluating the new proposal from CD&R, the Board carefully considered the value and risk profile of Wesco's offer comprising cash, Wesco common stock and a new series of Wesco preferred stock, for which there is no established market or trading price," said Anixter Chairman Sam Zell. "The Board has unanimously concluded that CD&R's improved all-cash proposal is superior to Wesco's offer." Anixter's stock has ru
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