French group Rexel turns down QXO's $9.4B acquisition offer
Parradee Kietsirikul France's Rexel (OTCPK:RXLSF) (OTCPK:RXEEY) rejected QXO's (NASDAQ:QXO) acquisition offer that valued its shares up to €28.40 per share. Rexel (OTCPK:RXLSF) said that the offer \"significantly undervalued the company and did not adequately reflect its growth potential under its strategic plan, PowerUP 2025.\" The deal totaled ~€8.46B (~$9.4B). Rexel (OTCPK:RXLSF) is a France-based company specializing in the distribution of electrical, heating, lighting and plumbing equipment. QXO (QXO) led by billionaire Brad Jacobs said that it had no immediate plans to submit a revised bid, a source familiar with the matter told Reuters. Entrepreneur Brad Jacobs invested $1B with other investors in SilverSun Technologies and renamed it QXO in June 2024 (QXO). Rexel (OTCPK:RXLSF) stock price traded ~10% higher to €25.24 on the European exchange.
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