Anixter (AXE) Sees Bidding War for the Ages

The bidding war for Anixter International (NYSE: AXE) has been nothing short of remarkable. Since agreeing to be acquired by private equity firm Clayton, Dubilier & Rice (CD&R) on October 30th, the company has seen its bid raised three times by CD&R and three times by WESCO (NYSE: WCC). The offer has been raised 20% over the course of the bidding war. To add another twist, CD&R has offered to acquire WESCO in addition to Anixter.

Below is the timeline:

• October 30th - Anixter announces a deal to be acquired by CD&R for $81/share cash
• November 22nd - Anixter announces the CD&R offer was raised to $82/share in cash
• December 4th - Anixter proxy filing discloses a $90/share bid which could be viewed as 'superior'
• December 5th - StreetInsider.com reports that WESCO is the other bidder for Anixter
• December 23rd - Anixter announces the CD&R offer was raised to $86/share in cash and $2.50/share CVR, and discloses CD&R also offered to buy WESCO International but it refused
• December 24th - WESCO confirms it is seeking to acquire Anixter for $90/share in cash and stock
• December 26th - WESCO raises offer for Anixter to $93.50/share in cash and stock
• January 2nd - Anixter announces the CD&R offer was raised to $93.50/share in cash
• January 3rd - WESCO raises offer for Anixter to $97/share in cash and stock. Updated Anixter proxy shows CD&R bid $68/share for WESCO.

So where does all this leave us?

Anixter's board will review WESCO's latest offer and decide if it constitutes a "superior" proposal. If they view it as superior, CD&R will have 5 days to respond.

It is very clear Anixter is a heavily coveted asset, but at some point the bidding will end. The calculus now is: how high will private equity firm CD&R go ($97, $100)? How high will WESCO go ($100, $103)? If CD&R is successful, will it still be interested in WESCO and at what price ($68+?). If WESCO is successful will CD&R be interested in the combined company?

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