December 24, 2019 / 12:24 PM / 2 months ago

UPDATE 1-Wesco offers to buy Anixter for $3 billion

(Adds bid details, background)

Dec 24 (Reuters) - Industrial parts supplier Wesco International Inc said on Tuesday it is seeking to acquire Anixter International and has most recently made an offer of $90 per share.

This comes a day after Anixter, which supplies communications and security products, said it had agreed to a bid worth $86 per share and $2.50 per share contingent value rights from private equity firm Clayton, Dubilier & Rice.

The equity value of Wesco's bid for Anixter would be about $3 billion, according to Reuters calculations. Wesco's per share offer is at a premium of 2.8% to the Anixter stock's Monday close.

Anixter said on Monday that CD&R also made a proposal to acquire all of Wesco's outstanding shares, adding Wesco has determined that the proposal does not form a basis for discussions at this time. Wesco is yet to confirm any deal talks with CD&R.

Earlier this month, Anixter disclosed that it had received a buyout offer of $90 per share, without naming the bidder.

Anixter has a market value of $2.96 billion, while Wesco is valued at $2.33 billion, according to Refinitiv data. (Reporting by Neha Malara and Ambhini Aishwarya in Bengaluru; Editing by Maju Samuel)

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