Clayton Dubilier & Rice LLC said it terminated its agreement to buy Anixter International Inc., following which Anixter agreed to be acquired by Clayton's rival bidder WESCO International Inc.
Private equity firm Clayton said it agreed to waive the matching period in which to make a counter proposal under its deal with the Glenview, Ill.-based network services distributor.
Clayton was offering $93.50 per Anixter share, which the target's board deemed superior to WESCO's $90-per-share offer.
Separately, Clayton appointed Jeff Hawn as partner at the firm. Hawn was chairman and CEO of enterprise management software provider Quest Software Inc.