Wesco (AXE, $93.00) raised offer price for proposed Anixter acquisition

Last week, Wesco  made an offer to acquire communications and security products company Anixter for $90 per share. And now, Wesco has upped its offer price to $93.50 a share.

Wesco Chairman, President, and CEO John Engel indicated that the proposal to acquire Anxiter is a solid opportunity to deliver significant and immediate value to Anixter's stockholders. Anixter is already the subject of a deal involving a fund sponsored by Clayton, Dubilier & Rice at $86 a share, or a value of $3.9 billion.

In a Dec. 4 SEC filing, Anixter mentioned a buyout offer of $90 a share without naming the bidder. The filing said that the $90-a-share offer still contained significant risks, including the probability for major antitrust scrutiny in certain jurisdictions, including the U.S. and Canada, which could potentially delay the closing date  for the deal.

Contributor

Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.