Rexel shares surge as €8.4bn QXO bid rebuffed
By Frank Prenesti
Date: Monday 16 Sep 2024
(Sharecast News) - Shares in Rexel surged on Monday after the French electrical parts company rejected a takeover offer from QXO of the US, valuing it at €8.46bn.
Rexel on Sunday said QXO's initial offer of up to €28.40a share significantly undervalued the company and failed to reflect its "value creation potential".
"The board of directors remains highly confident in Rexel's management to deliver the mid-term objectives presented in during the June 2024 capital markets day," Rexel said in a statement on Sunday.
"Indeed, Rexel's management team has successfully demonstrated over the last few years its ability to increase the company's underlying profitability and enhance its growth profile in an accelerating electrification world."
Reporting by Frank Prenesti for Sharecast.com
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