Bloomberg News followed up on its earlier reports that Anixter was looking for a buyer, saying that the company is having a hard time finding someone willing to pay the price the company is asking. The report says Anixter is looking for $115/share, about 13 percent above yesterday’s close of $101.52, and French electrical distribution giant Rexel, rumored to be interested, wasn’t willing to pay more than $110.
While Anixter, whose products are installed in office buildings and data centers, stands to profit from a pickup in non-residential construction, the private-equity funds weren’t convinced of its growth prospects, two people said. Sales, which fell slightly to $6.23 billion in 2013, should grow in the “mid-single digit” range, the company said in February.
Bloomberg’s sources said the sale effort, led by Goldman Sachs, is likely to be terminated.
Read the Bloomberg article, “Anixter Sale Said to Falter as Buyers Balk at Price” by David Welch, Matthew Campbell and Aaron Kirchfeld.