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Category:
HomeSecurity CamerasCCTVAnixter Acquisition: WESCO Puts Hat Into Ring

Anixter Acquisition: WESCO Puts Hat Into Ring

Streetinsider.com reports WESCO registered a Form 8-K with the U.S. Securities and Exchange Commission (SEC) on December 4, expressing its interest to acquire Anixter, which had agreed to a $US3.8 billion acquisition by Clayton, Dublier & Rice.

Meanwhile, Streetinsider.com says its sources have confirmed WESCO has offered to acquire Anixter for $90 per share (70 per cent cash and 30 per cent stock).

Acknowledgment of the discussions came to light in a Form 8-K filed with the Securities and Exchange Commission (SEC) on Dec. 4. The 8-K included an email sent to employees from Anixter president and CEO Bill Galvin, who explained the agreement with CD&R allowed for “a go-shop period” to solicit potential interested parties to come forward and make a better offer.

Galvin said Anixter “did receive interest from another party” and Anixter is “engaged in continuing discussions.” According to Galvin, CD&R subsequently raised its purchase price by $1.50 per share to a current offer of $82.50 per share.

“We cannot guarantee that the discussions will result in a superior proposal,” Galvin said in the email. “At this time, we still have a signed agreement in place with CD&R and are working to consummate the transaction under that agreement.”

Anixter is a global distributor of network and security solutions, electrical and electronic solutions and utility power solutions, as well as being owner of respected ANZ electronic security businesses, Inner Range, CSD and Atlas Gentech.

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