08:14 AM EDT, 09/16/2024 (MT Newswires) -- (Updates with QXO response in third paragraph)

Rexel said Sunday it rejected QXO's (QXO) takeover bid after determining it significantly undervalued the company.

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.

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