Edwardson says CDW got the idea to go private after being approached with an offer from an undisclosed source. The board of directors subsequently launched an auction process, in which MDP's offer exceeded others.
Over the next month, another suitor could step forward. In the meantime, Wall Street seems to like the MDP proposal. "We believe CDW's strong balance sheet, no debt, and strong cash generation made the company an attractive target for private equity," wrote Daniel R. Renouard of Robert W. Baird & Co. in a note today. "We are raising our price target to $88 as we believe shares will trade around the take-out price until deal close."
At press time, CDW shares were trading at $85.26, up $2.15 (2.59 percent).
Mary Jander, Site Editor, Byte and Switch
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