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Anixter shareholders OK Wesco merger deal (NYSE:AXE)

Anixter International (AXE +1.7%) says its stockholders overwhelmingly approved the merger agreement with Wesco International (WCC +7.5%).

Under the latest deal terms, Wesco will pay the equivalent of $100 per Anixter share, including $70 in cash, 0.2397 WCC shares and preferred stock consideration valued at $15.89/share.

The deal, which will make Anixter a wholly owned subsidiary of Wesco, is expected to close in Q2 or Q3.