05:29 AM EDT, 09/16/2024 (MT Newswires) -- Rexel said Sunday it rejected a takeover bid from QXO (QXO) after determining that it significantly undervalued the company.

Rexel refused the offer that was at an indicative price of 28 euros ($31.16) to 28.40 euros per share, saying the bid "does not reflect its value creation potential through its Power Up 25 strategic plan."

QXO did not immediately respond to MT Newswires' request for comment.

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