Anixter International Inc. to Consider Revised WESCO Proposal

GLENVIEW, Ill.--(BUSINESS WIRE)--Anixter International Inc. (“Anixter” or the “Company”) (NYSE: AXE) announced that today WESCO International, Inc. (“WESCO”) submitted a revised proposal to acquire the Company for nominal consideration of $97.00 per share in cash and stock, consisting of $63.00 cash, plus a fixed exchange ratio of 0.2397 shares of WESCO common stock, plus $19.89 in face amount of a newly created class of WESCO perpetual preferred stock. As previously announced on January 2, 2020, Anixter agreed to an amendment and restatement of its merger agreement with Clayton, Dubilier & Rice, LLC (“CD&R) to increase the per-share consideration payable to Anixter’s shareholders to $93.50 per share in cash (from $86.00 per share in cash and a $2.50 contingent value right upon the occurrence of certain events). The current merger agreement with CD&R does not include the contingent value right.