Ademi & O’Reilly, LLP is investigating Anixter (NYSE: AXE) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of WESCO.
Ademi & O’Reilly, LLP alleges Anixter’s financial outlook is improving and yet shareholders will receive only the equivalent of $100 for each share of Anixter, in a transaction valued at approximately $4.5 billion. The merger agreement unreasonably limits competing bids for Anixter by prohibiting solicitation of further bids, and imposing a termination penalty if Anixter accepts a superior bid. Anixter insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Anixter’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Anixter.