Anixter Board Determines Revised Offer From WESCO Constitutes a Superior Company Proposal
ANIXTER INTL (AXE)
Last anixter intl earnings: 4/28 06:30 am
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US:NYSE Investor Relations:
investors.anixter.com/home/default.aspx
Company Research
Source: Business Wire
GLENVIEW, Ill.--(BUSINESS WIRE)--Anixter International Inc. (“Anixter” or the “Company”) (NYSE: AXE) announced today that the Anixter Board of Directors (the “Anixter Board”) determined that an offer from WESCO International, Inc. (“WESCO”) constitutes a “Superior Company Proposal” as defined in Anixter’s previously announced definitive agreement and plan of merger with an affiliate of Clayton, Dubilier & Rice, LLC (“CD&R”).Under the terms of WESCO’s revised offer, WESCO would acquire Anixter for nominal consideration of $100.00 per share, reflecting an enterprise value of approximately $4.5 billion including net debt. The proposed consideration consists of $70.00 per share in cash, 0.2397 shares of WESCO common stock, and $15.89 per share in face amount of WESCO perpetual preferred stock.The cash portion of the merger consideration will be increased by up to $2.82 to the extent the value of the WESCO common stock consideration, calculated using a volume weighted average before cl
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