Anixter International Hit with Class Action Over Merger Process

Anixter International Inc. was hit with a proposed class action in Delaware Chancery court Dec. 13 by a stockholder who says the company’s acquisition by Clayton, Dubilier & Rice LLC was for an unfair price and the result of an unfair process.

Teamsters Union No. 142 Pension Fund, seeking to represent a class of similarly situated stockholders, said Anixter executives knowingly suppressed other bidders when it accepted the proposed deal at $82.50 per share in cash. WESCO International Inc. made a superior offer, after which Anixter leadership amended the merger agreement, the complaint says.

The fund says the board’s chairman, ...