14 Jan 2020

Anixter International Inc. announces that the Anixter Board of Directors (the ‘Anixter Board’) determined that an offer from WESCO International, Inc. (‘WESCO’) constitutes a ‘Superior Company Proposal’ as defined in Anixter’s previously announced definitive agreement and plan of merger with an affiliate of Clayton, Dubilier & Rice, LLC (‘CD&R’).

Under the terms of WESCO’s revised offer, WESCO would acquire Anixter for nominal consideration of $100.00 per share, reflecting an enterprise value of approximately $4.5 billion including net debt. The proposed consideration consists of $70.00 per share in cash, 0.2397 shares of WESCO common stock, and $15.89 per share in face amount of WESCO perpetual preferred stock.