Rexel rejects undervalued QXO bid, shares jump [Yahoo! Finance]
REXEL SA UNSP/ADR (RXEEY)
NASDAQ:AMEX Investor Relations:
rexel.com/en/finance/investors
Company Research
Source: Yahoo! Finance
At 4:40 am (0840 GMT),Rexel was trading 9.9% higher at €25.25. The bid, which was priced between €28.00 and €28.40 per share, was deemed by Rexel's board as undervaluing the company. “Rexel's Board of Directors has reviewed the proposal in detail and has unanimously decided not to pursue it, considering that it significantly undervalues the company,” the company said in a statement. This initial offer represents a premium of over 23% compared to the closing price last Friday but falls short of Rexel's peak share price for 2024 and the company's estimated standalone fair value. “We see significant runway for growth at Rexel, both organically and through M&A, especially in the US, and we think that Rexel is well positioned to capitalize on this growth,” said analysts at Citi Research in a note. Analysts at Berenberg flag that Rexel's management team has a proven record of delivering shareholder value, with shares up 114% over the past five years. This is due to Rexel's acce
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