Communications and utility infrastructure supplier Anixter International Inc. (AXE) on Monday, Jan. 13, made official a $4.5 billion deal to sell to Wesco International Inc. (WCC) that its board had deemed superior four days earlier.
Glenview, Ill.-based Anixter said it would combine with Wesco for $100 per share in a deal that will form North America’s largest electrical and data communications distributor. Anixter stockholders will receive $70 in cash and 0.2397 shares of Wesco common stock for each Anixter share they hold. Wesco and Anixter shareholders will own 84% and 16% of the combined company, respectively.
Monday’s deal seemingly represents the end to a bidding war for Anixter between Pittsburgh-based Wesco and private equity firm Clayton, Dubilier & Rice LLC. CD&R had agreed to take Anixter private in late October for $3.8 billion, but Wesco crashed the party in late December with a $4 billion counteroffer.
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