Shareholder Alert: Robbins LLP Announces Acquisition of Anixter International Inc. (AXE) by Clayton, Dubilier, & Rice, LLC (Private) May Not Be in Shareholders' Best Interests

SAN DIEGO & GLENVIEW, Ill.--()--Robbins LLP announces that a shareholder of Anixter International Inc. ("Anixter") has filed a class action complaint against Anixter (NYSE: AXE) and Clayton, Dubilier, & Rice, LLC ("CD&R"), among others, for the proposed acquisition of Anixter by CD&R. Under the terms of the agreement, CD&R will purchase Anixter for $82.50 per share in cash.

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Is the Proposed Acquisition Best for Anixter International Inc. and Its Shareholders?

According to the complaint, on October 29, 2019, Anixter's board approved a merger agreement with CD&R for $81 per share in cash, subject to a 40 day go-shop process that would solicit other potential bidders and included an extended 10-day "Excluded Party" period that allowed Anixter to continue negotiating with a bidder that made a proposal during the first phase of the go-shop. Anixter's board chairman and Anixter's CEO had powerful incentives to favor this deal with CD&R, including a promise from CD&R that Anixter's CEO would continue to run the post-merger entity. Then, in November 2019, rival bidder and Anixter's competitor WESCO International, Inc. made a superior offer to acquire Anixter for $90 per share consisting of 70% cash and 30% stock. Following this offer and in response to a series of increasing offers from alternate bidders, Anixter made several amendments to its merger agreement, including materially shortening the length of its go-shop and excluded party periods as well as increasing its two-tiered excluded party termination fees. These changes made it more difficult and expensive for WESCO to acquire the Company and therefore prevented shareholders from benefitting from the most favorable merger agreement.

Anixter International Inc. (AXE) Unitholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

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Contacts

Leonid Kandinov
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
lkandinov@robbinsllp.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com

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Contacts

Leonid Kandinov
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
lkandinov@robbinsllp.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com