The acquisition of Anixter by Itel was approved.

Directors of Itel and Anixter Bros., both of Chicago, approved the acquisition of Anixter by Itel in a transaction valued at more than $500 million. Itel agreed to pay $14 per share in cash for each of Anixter’s 36.4 million common shares outstanding. Pursuant to the acquisition agreement, Itel intends to begin a tender offer for all the Anixter shares today, with the offer expiring Dec. 19, 1986.