WESCO Further Improves Offer For Anixter - Quick Facts

(RTTNews) - WESCO International Inc. (WCC) on Friday submitted a revised proposal to the board of directors of Anixter International (AXE) to acquire Anixter for $97.00 per share in cash and stock.

This revised proposal materially improves upon WESCO's December 26, 2019 proposal, while retaining all of the prior proposal's attractive features.

The consideration includes $63.00 cash, plus a fixed exchange ratio of 0.2397 shares of WESCO common stock, as in WESCO's prior proposal, plus $19.89 of a newly created class of WESCO perpetual preferred stock.

Based on the closing price of WESCO's common stock on January 2, 2020, the total consideration translates to $97.00 per share.

The transaction is not subject to a financing condition. WESCO has obtained fully committed debt financing from Barclays for the cash portion of the transaction.

WESCO intends to fund the required cash consideration with a combination of long-term debt financing and additional equity or equity-content securities.

The WESCO transaction is subject to Anixter's stockholder approval, receipt of regulatory approval in the U.S. and certain foreign jurisdictions, as well as other customary closing conditions. WESCO anticipates the transaction could be completed in the summer of 2020.

WESCO had made an initial offer of $90 per Anixter share on December 24 and improved it to $93.50 per Anixter share in cash and stock three days later.