Business Services Industry
Local stocks hammered amid worries about overseas tumult.
Crain's Chicago Business, October, 1998 by Murphy, H. Lee
H. LEE MURPHY As global markets rolled and U.S. investors worried about an economic slowdown at home, the third quarter was a tough time to test shareholders' patience with moves like long-term strategic acquisitions. Just ask Scott Anixter, chairman and CEO of Rosemont-based Anicom Inc., which closed on a deal in late September designed to give the wire distributor a toehold in Canada.
Immediately after Anicom's acquisition of Vancouver-based Texcan Cables Inc. was announced, Anicom's stock, which started the quarter trading around $15, sank from around $10 to roughly $6. Andrew Jeffrey, an analyst at BancBoston Robertson Stephens Inc. in San Francisco, said the deal, with an estimated value of $80 million, was dilutive to earnings, and downgraded his...
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