01:14 PM EDT, 09/16/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

QXO (QXO) shares were down more than 7% in recent Monday trading after Rexel rejected the software company's takeover bid, citing significant undervaluation.

Rexel refused the offer that was at an indicative price of 28 euros ($31.14) to 28.40 euros per share, saying the bid "does not reflect its value creation potential through its Power Up 25 strategic plan."

QXO declined to comment.

Price: 13.58, Change: -1.12, Percent Change: -7.62