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Anixter International Inc. Initiates Offer for the Shares of Infast Group plc.

Publication: PR Newswire
Publication Date: 26-MAY-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
GLENVIEW, Ill., May 26 /PRNewswire-FirstCall/ -- Anixter International Inc. , a leading distributor of communication products, electrical and electronic wire & cable and a leading distributor of fasteners and other small parts ("C" Class inventory components) to Original Equipment Manufacturers ("OEMs"), today announced the initiation of an offer at a price of 34 pence per share for the shares of Infast Group plc, ("Infast"), a U.K.- based distributor of fasteners and other "C" class inventory components to OEMs (the "Offer").

The offer has been unanimously recommended by the Infast Board of Directors. Anixter has received commitments to accept the offer from shareholders representing approximately 58.70 percent of the 114.34 million outstanding shares of Infast. The offer is subject to a number of conditions including a minimum acceptance level of 90 percent.

In February 2005 Infast announced that it had reached an agreement to sell the last of its manufacturing operations. That transaction completed a multi- year restructuring program in which Infast sold a number of businesses unrelated to its current fastener and "C" class parts distribution business. In its audited...

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