Rexel, distributor of electrical supplies and services, has rejected an unsolicited preliminary acquisition proposal from QXO, a technology solutions firm.
Don’t miss any content from Distribution Strategy Group. Join our list.
The offer was valued at about $9.4 billion, or €28.00 to €28.40 per share.
In a statement, the distributor said that Rexel’s Board of Directors has reviewed the proposal in detail and unanimously decided not to pursue it, according to a statement. They reported that the proposal “significantly undervalues the company and does not reflect its value creation potential through its Power Up 25 strategic plan.”
Rexel does not intend to make any additional comments on the proposal.
