4/7/2014 3:47:00 PM
HEADLINES
Report: Anixter Sale Effort Stalls
“An effort to sell Anixter International Inc…. has stalled as potential buyers reject the company’s price expectations,” Bloomberg reports.
In recent weeks investors have been flocking to Anixter stock on speculation the company may soon be sold.
Bloomberg reported that Anixter is working with Goldman Sachs Group Inc. to find a buyer. Anixter was seeking offers of more than $115 per share for a market value of $3.3 billion.
But 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.
According to the FIN Fastener Stock Index, Anixter stock has soared nearly 70% in value during the last twelve months, with nearly half of that growth coming since the first of the year when sale speculation ramped up.
So far Anixter has declined to comment on market speculation regarding a possible sale.
Anixter began building its fastener business in 2002 by acquiring Pentacon for $111.4 million. After Pentacon, AFS bought Walters Hexagon in 2003, DDI in 2004, Infast in 2005 and MFU in 2006.
In 2007 Anixter bought UK-based aerospace fastener distributor Eurofast SAS for $27 million and fastener distributor Total Supply Solutions Ltd. for $8 million.
Sales in its OEM Supply segment, including Anixter Fasteners, rose 3.3% to $935.4 million in 2013, with operating income of $32.5 million for the year compared to a $29.9 million loss in 2012, FIN reported.
The company’s largest shareholder is Chai Trust Co., a division of Zell’s Equity Group Investments. Sam Zell is chairman and his son is a director.
Anixter distributes 450,000 wiring systems and networking products to 100,000 customers. ©2014 GlobalFastenerNews.com
View the last five years of Anixter Fastener segment performance by clicking on the FIN Stock Review.
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