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.