Wesco Wins Anixter

By: John Honovich and Sean Patton, Published on Jan 13, 2020

Despite Anixter earlier arguing that Wesco's bid was inferior to CD&R's by nearly 10%, Anixter confirmed that they are taking Wesco's 3.1% nominal share price higher offer.

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** **** ****, ** examine *** ****** *********** financial *******, *** ********* positive/ ******** ******** ******.

Anixter **********

******* ** *** ** the ******* ************ ********* in *** ************ ********, with **** ** ********, over *,*** ********* *** over $* ******* ** sales ** ******** ********* (Power *********, **************, ********). Anixter******** ********-******* *********** ***-** in ****, *** $*** *******, and********* ** ** ******* in ****.

** *****, **** ******** 7 ********* ********* ***-** and'**** ********' ***** ********* *** **** ** years.

Wesco **********

***** ** ***** ** Pittsburgh, ** *** **** has **** ** ******** dealing **** ******* ********* to *******. ************, ***** has ****** ** ************ divisions, **** ** *** necessarily **** ****** **** to **** *****. ** the ** **** **** 12 *********:

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** ********* ********** ************** ***/*****, *** *** a *** ******** ****, but **** *** ******* neutral ******* ** *** of *** ******** ************ in *** ******, **** many *********** ********* **** did *** *** ****.

Wesco ********* ******** ****

**** * ****** ********* perspective, ***** *** ***** still **** *** **** half-decade, ** **** ******* from***** **** ********* ***********:

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**** ** *** ********** bad ***** *** ******* maturity ** *** ******** of ********** / ********** distribution. *******, ** ** worth ****** **** *** profit ******* ** ***** and **** ************ *** very ****, ****, *.*., Wesco ***** **** **** $8 ******* ** **** revenue *** **** $*** million ** ****** **** operations.

*************, *******'* ******* ******* and ******* *** **** close ** *****'*, ****** with ******* ******* **** over *** **** **** period, ** ***** *********'* **** **********:

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Saving $*** ******* ********

*** ******** ********* ******** that ***** ** ******** is **** ******** *****, as***** ******** **************:

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** ***********'* **** (***** ** transcribed ****), **** ********** ********** the **** ******* ********** the ****:

** ****** ** ******** over $*** ******* ** run **** **** ********* and *********** **** **** flow.

** ** ********** ******, we ****** **** $*** million ** *** **** cost ********* ** *** end ** *** ***** year ** *** ******.

*** ******** ******* **** benefit **** **** $*** million ** **** ********* by **** *****.

**** **'** ******* *** here *** ******** ** and **'* ********* ** note ** **** *** million ** **** *******

*'** **** **** ********** greater **** $*** ******* of ****. *********. *** then ************, ** **'** highlighted ** *** ******** remarks, ** ** ******* that ***** *** **** other ******, ********* **** that *** ** ******* through **** ***********. **'* still ***** ** *** process *** ** ** evaluate ****.

***** **** *****'* ******* are ** **** (~$*** million), ****** $*** *******, assuming ** ********** ********, would **** * ***** impact ** ***** ************* and *********.

Cutting ******** *** *****

** **********, **** ********* cutting ********:

*** ******** **** ********* our ************ *** ****** footprint ** **** ***** our *********

************ *** ****** *********, including ***** *********** ** leases ** **** *****

Potential ******* **** ***********

******* ********* $*.* ******* in *********** **** *********** ** ** * risk ** *** **** financial ******. *** ********* ****** notes **** **** * debt ******* ** **** $397 ******* *** ** 2021 *** $*** ******* in ****, *** **** merger ***** **** ******* / ***** * ********* opportunity ** *********** *** debt **** ****** *****.

Neutral ****** ** ****

***** *** *******'* ************ business ** ******* ** a ***** ***** ** low-voltage ********, ** ***** security ******** *** * minority *****. *** **** clear ********* ** *** deal *********** ** ***** was ******* *****.

*** ****-**** ******** *** security *********** ***** ** that ***** ** ******* change ** ****** ******* or *****. ** **** covered ********** ******** ***** Anixter, ************ *** **** that******* *** ***-**** ******* salespeople, **********'* *** ******* ***-**** direct *****.

Execution / *********** ** *********

*** *** ******* ** watch ** *** **** the *** ********* *** 'merged' / **********. ***** has ***** ******** ** entity ** ***** ** Anixter. ******, ** *******, Wesco *** ******* *** about *** **** ****. How **** ********* ** will ** ***.

**************, ***** *** ********** about ****, ****** ****:

**'** *** *** ******** and ****** *** **** you **** ** *** Anixter, ** *** ******* way, *** ****, **** much, * ***** ***, complimentary, **** **********, ** focused ** *** ******** relentless ***** ** ******* the ******** *** ************* having ********** **** **** operational **********. ** * think ****'* ****** * critical *********...

* ***** ** **** an *********** ******** ***** rough ****** **** *********. And **** *******, ** will ** ******** **** some ********** ******* ** help ** **** ****. And ***** ******* **** take *** **** ** additional ********* *** ********** resources ** **** ** drive *** ********* ** the ******* *********** **** and ******** ** * synergy.

** ** *** **** enough ***** *** *** company's ******** *** ********** to ***** ** *** well *** ****** **** be ********.

Vote / ****

Comments (17)

Avatar

Jake Voll

SS&Si Dealer Network
01/14/20 02:11am

****** **** * *** of *********! ** ***** 7 ** *** ********** alone!

Undisclosed Integrator #1

01/14/20 03:15am

*** *****, ** **** as ******* ******* ********* are ***** ******** ** my ***** ******, * will ** ********** * can ** *** **** other ************ *** ** them ********* ********* ******* me.

Avatar

Jon Dillabaugh

Pro Focus LLC
01/14/20 04:52am

** ******* ********** **** Anixter *** ** ******** as ********, ** * don’t ***** ***** ***** possibly ***** ** ** any *****. 🤷🏻‍♂️

Avatar

Michael Votaw

01/14/20 11:35pm

** ** ****'* *** my *** *** **** relationships, * ***** *** buy **** *******. ********* against **, **** ***** levels, **-************* ***** ** some *********. ***** *'* not **** ** *** better. **** **** ******** to *** *** **** and **** ****** ***** anything * *******. *****, great ******** *************, *** as * *******, *'** pass.

abraham lieberman

01/15/20 06:59am

* **** * ******* this ** ***** ** be **** * *** fail *** ***** *** the ****** ** *******. I **** **** **** a ********* ******* ****, otherwise ***** **** **** to ***** **** ** well.

Avatar

Michael Votaw

In reply to abraham lieberman | 01/15/20 06:50pm

****** ***** ***** *** to ******* ***** *******, customers *** ********* **** you *** ***. *************, few *** ********* *** willing ** ****.

Stephen Matteo

01/15/20 02:31pm

*'** ***** **** ***** (electrical *** ******** ****** divisions) *** ******* *****. It's * ***** ******* with ******** ******.

Undisclosed #2

01/15/20 04:16pm

**’* *********** **** ***** are ** **** ********* on ******* *** ******* to *** *** ****. I ***’* ********, **** certainly **** * **** history ** * *** office ******** *** ******* that. *******, * ****** for ******* ************ **** only **** **** ************ for ****** * ****** and * *** ********** say **** *****/*** **** direct ** *** **** end *****. ** **** be *********** ** *** how ***** *** ********* combine **********.

Undisclosed End User #3

01/15/20 05:26pm

***** ** * ****** of ******** ******** *** general ********* ** ****. What ************ ***** *** recommend ** *** ***** or *******?

John Honovich

IPVM | In reply to Undisclosed End User #3 | 01/15/20 05:45pm

**** ************ ***** *** recommend ** *** ***** or *******?

****, *** ** ***-****, these *********** ***** ********** none ;) ****'* ****** their *****, *********** ***'* want ************ ** **** to ***-*****.

*** ********* ***** ** is **** **** ***-***** want ** *** ******** only ** *** ******* desire ** *** **** to *** **** ************ like ***** ** ******* too, ******* ** **** conflict.

Avatar

Michael Votaw

In reply to John Honovich | 01/15/20 06:45pm

** *** ******** ** truly *** **** ** all ****

abraham lieberman

01/15/20 06:02pm

* ***** *** **** get * ***** ** the ********.

******* ********* **** ***,**&**, and **** **** **** because ** ***** ***** on ******** ******** *** relationship.

*** ****** ********* **** as *** *** ***** and ****** ***** **** also ****. ****** ******** curve *** *** ***** business **** **** *** long.

**** **** ********** ****** if **** ******** *** get *** ******* ********* and *********.

Avatar

Jake Voll

SS&Si Dealer Network
In reply to abraham lieberman | 01/15/20 06:12pm

*** * **** ***, "SS&Si ............ **** **** because ** ***** ***** on ******** ******** *** relationships." *** * **** anything? :)

****** *******. ** *** this ** ** *********** as ****. * **** that *** "*********" (*** branch ******** *** *******) won't ***** *** **** pain *** *** "*****" but * ******* *** best ** **** **** find *** ************* ** well.

abraham lieberman

01/15/20 06:17pm

**** *** **** * also **** **** *** Blvs **** *** *** david ** *** ***** mile *** **** *********

Avatar

Jake Voll

SS&Si Dealer Network
In reply to abraham lieberman | 01/15/20 06:19pm

* ******* ******* ***** at *** **** **** past ****. * ***** any ******** ***** ** independent ************ ** * win *** ********** *** dealers *** ******* **.

John Honovich

IPVM | 01/17/20 05:20pm

*******'**** **** *** ** email** ********* ***** *** deal:

** **** *** *** much ** ******** ******** outside **** *** ******* on * ****, *.*.:

******** ******** *** ******* companies ******** * **** thoughtful *********** ****. ** will **** **** **** [Wesco ***] *** ***** WESCO ******* ** ********* an *********** **** ***** will ******** ******* **** both *********. *** ***** of **** ******* **** be ******** ** ******* our *** ***** ********* in * ****** **** builds ** *** ********** capabilities *** **** *********.

***/***, ******* *** **** it ***** ** ***** this **** *** ********* the ***********, **** ***** take ***** ***** **'* done.

Larry Tracy

01/19/20 09:35pm

*** ******** ***** ****** wins!

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