WESCO Announces Improved Proposal To Acquire Anixter

(RTTNews) - WESCO International, Inc. (WCC) has delivered to the Anixter (AXE) board an improved proposal. The updated consideration of $93.50 per share consists of $63.00 per Anixter share in cash plus a fixed exchange ratio of 0.2397 shares of WESCO common stock plus $16.65 of a newly created class of WESCO perpetual preferred stock. As per the terms of the revised offer, WESCO stockholders would own 84% and Anixter stockholders 16% of the combined company. WESCO anticipates the combination to be meaningfully accretive to earnings on a standalone basis in the first full year of ownership.

Separately, WESCO reported preliminary sales for the quarter-to-date period. Through December 23, 2019, revenue improved approximately 5% year-on-year. The company confirmed full year sales to be above the midpoint of outlook range of 1% to 3%.