Wesco International Inc. WCC, -0.50%, a provider of electrical, industrial and communications original equipment products and other services, said Tuesday it has made an offer of $90 a share to acquire Anixter International Inc. AXE, -0.43%. Anixter is already the subject of a going-private deal involving a fund sponsored by Clayton, Dubilier & Rice at $86 a share, or a value of $3.9 billion. That bid was raised late Monday from an original $82.50 a share, and includes a $2.50 contingent value right if CD&R agrees to acquire Wesco, or sell Anixter to Wesco within a year of the deal closing. Wesco said a combination of the two would create a leading electrical and data communications distributor. "We are currently determining next steps to effect a transaction and expect to have further comment on these matters shortly," Wesco Chief Executive John Engel said in a statement. Wesco shares were up 5% premarket on the news, while Anixter was not yet traded.
2019-12-24 12:04:00Z
https://www.marketwatch.com/story/wesco-international-confirms-has-made-90-a--share-offer-for-anixter-international-2019-12-24
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