Borbon was designated for assignment by the Rangers last week and placed on waivers Wednesday after the Rangers were unable to work out a trade. The 27-year-old is a career .283/.324/.358 hitter with 40 stolen bases in 53 career attempts.
The outfielder drew interest from a few clubs including the Twins, who were said to be kicking the tires on him. Ultimately, however, the Rangers were unable to find a worthwhile deal for him. Texas ideally wanted a "pitcher with options" in exchange for Borbon.
Because waiver priority is determined by the previous year's standings for the first month of the season, the Cubs had second priority to claim Borbon. He did not pass through the entire American League unclaimed.