5/6/2014 11:05:00 AM
NEWS BRIEFS
Anixter Director Unloads Millions in Stock
Days after Anixter International reported its first quarter results, company director Robert Grubbs unloaded nearly 135,000 company shares. The average stock price was $97.96, bringing his one-time haul to $13.2 million, according to an Securities and Exchange Commission document.
Grubbs still owns 91,904 shares of Anixter stock, valued at approximately $9 million.
On April 29 Anixter reported opening quarter sales increased 2.2% to $1.52 billion, with operating income up 5.7% to $85.7 million. (Click here to see how Anixter Fasteners performed in Q1.)
The stock sale comes amid market reports that Anixter is shopping its business to potential buyers.
In the opening quarter of 2014 investors flocked to Anixter stock on speculation the company would soon be sold. Anixter reportedly is working with Goldman Sachs to find a buyer. Anixter was seeking offers of more than $115 per share for a market value of $3.3 billion.
But efforts to find a buyer have seemingly stalled after at least three companies – French electrical-equipment distributor Rexel SA, and private-equity funds Advent International Corp. and CVC Capital Partners Ltd. – declined to make an offer after looking at the asset, according to Bloomberg.
During the company’s Q1 conference call CEO Bob Eck was asked about the sale rumors, but he declined to comment on the possibility of Anixter being sold.
“Historically,” Eck stated, “we don’t comment on media rumors about the company, and we won’t comment on this one either.”
Anixter shares have increased in value by 8.1% since the first of the year. ©2014 GlobalFastenerNews.com
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