Anixter's stock soars after deal to be bought out by CD&R for $3.8 billion, including debt [MarketWatch]
ANIXTER INTL (AXE)
Last anixter intl earnings: 4/28 06:30 am
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Source: MarketWatch
Anixter's stock soars after deal to be bought out by CD&R for $3.8 billion, including debt Shares of Anixter International Inc. AXE, +0.41% soared 14% in premarket trading Wednesday, after the network security and electrical solutions company said it has agreed to be bought by an affiliate of private equity firm Clayton, Dubilier & Rice (CD&R) in a cash deal valued at $3.8 billion, including debt. Under terms of the deal, CD&R will pay $81 for each Anixter share outstanding, which is a 13% premium to Tuesday's closing price of $71.40, and implies a market capitalization of about $2.7 billion. The deal includes a go-shop period, in which Anixter can solicit other buyout bids through Dec. 9, and a break-up fee of $45 million. Separately, Anixter reported third-quarter net income that rose 25% from a year ago to $59.3 million, or $1.73 a share, while adjusted earnings per share of $1.92 beat the FactSet consensus of $1.65. Sales increased 2% to $2.22 billion, just shy of the FactSet c
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