Infast De-lists London Stock
Infast De-lists London Stock
Jason Sandefur
Infast Group is de-listing its stock on the London exchange, signaling a firm deal with Anixter International to buy the UK-based fastener distributor. Anixter bid more than $72 million for Infast, plus assumption of $25.4 million in debt.
“At this time the offer remains open for further acceptances with regard to the Infast shareholders that had not yet accepted the offer,” Anixter said in a statement. However, the company could acquire the remaining Infast shares from holders who have not accepted the offer.
Anixter installed CFO Dennis Letham and other Anixter executives on Infast’s board to replace resigning members.
The acquisition of Infast will help boost annual revenue at Anixter Fasteners beyond $750 million. Financial results of Infast will be reported with those of Anixter beginning with the third quarter of 2005.
“Our goal is to continue to build the Anixter Fasteners name into a world class brand that is recognized by customers and suppliers as being the best,” stated CEO Robert Grubbs. Web: anixter.com �2005 FastenerNews.com
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