NEW YORK, Nov. 1, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors Anixter International, Inc. ("AXE" or the "Company") (AXE) in connection with the proposed acquisition of the Company by an affiliate of Clayton, Dubilier & Rice. Under the terms of the acquisition agreement, AXE shareholders will receive $81.00 for each AXE share they own.
If you own AXE shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether AXE's Board acted to maximize shareholder value prior to entering into the agreement. Notably, AXE is a promising company with strong future growth prospects. According to the acquisition announcement, AXE "is an exceptionally well-positioned industrial distributor with leading market positions and differentiated capabilities that deliver strong customer value." This was further underscored by the positive financial results that the Company reported for the third quarter of 2019. AXE announced sales of $2.2 billion and a 60-point increase in gross margin basis points, representing "another strong quarter, with organic sales growth," according to Bill Galvin, the Company's President and CEO.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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