France's Rexel rebuffs $9.4 billion offer from Brad Jacobs-led QXO
Recast from top with Rexel confirmation, adds background throughout
By Anirban Sen
Sept 15 (Reuters) -QXO QXO.O, the company billionaire Brad Jacobs is seeking to launch into building services, recently made an offer of around $9.4 billion to acquire Rexel RXL.PA that the French company on Sunday said it had rebuffed.
QXO's preliminary offer of as much as 28.40 euros a share "significantly undervalues the company and does not reflect its value creation potential through its Power Up 25 strategic plan," Rexel said in statement on Sunday.
The deal totaled 8.46 billion euros ($9.37 billion). Reuters earlier reported on the offer and Rexel's rejection.
QXO is not currently planning to submit an improved bid, a source familiar with the situation told Reuters.
Shares of Paris-listed Rexel, which distributes electrical parts to the buildings sector, closed at 22.97 euros on Friday, giving the company a market value of nearly 11 billion euros, including debt.
The approach marks the first major takeover attempt by QXO since its chairman Jacobs has sought to use the vehicle to buy companies in the sector. It would also have marked one of the largest foreign takeover attempts in France in recent years.
QXO, which has a market value of $6 billion, in July said it raised funds that bolstered cash on hand to about $5 billion and said the company was debt free, giving it firepower to pursue deals for expansion.
Connecticut-based QXO, formerly SilverSun Technologies, has held talks with Rexel and its biggest shareholder, Cevian Capital, about a possible takeover, the sources said. Cevian owns 22.9% of Rexel, according to LSEG data.
In July, QXO raised $620 million through a private placement and added Jared Kushner, son-in-law of former U.S. President Donald Trump, to its board of directors.
Its shares have gyrated over the last year to reach as high as $290 as the investment vehicle took shape. The shares closed at $14.70 on Friday.
The company also recently hired former Barclays global head of M&A Ihsan Essaid as its chief financial officer.
Rexel's shares have dropped about 20% since touching a high on May 27 after reporting lower-than-expected topline figures for the second quarter.
"The Board of Directors remains highly confident in Rexel's management to deliver the mid-term objectives presented," the company said in the statement.
($1 = 0.9029 euros)
Reporting by Anirban Sen. Additional reporting Mathieu Rosemain in Paris. Editing by Anousha Sakoui and Elisa Martinuzzi and Ros Russell
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