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