Rexel jumps after rejecting $9.4 bln QXO bid
** Shares in Rexel RXL.PA jump around 11% after the Paris-listed group rebuffed on Sunday around $9.4 billion acquisition offer from QXO QXO.O
** QXO's preliminary offer of as much as 28.40 euros a share "significantly undervalues the company," Rexel said
** Reuters earlier reported on the offer and Rexel's rejection; OXO it is s not currently planning to submit an improved bid, a source told Reuters
** "While the bid represents a >23% premium to Friday's close, it is below the 2024 peak and below what we see as standalone fair value," Citi says in a note
** Still, Citi adds it expects the development to "focus market attention" and boost the stock
** "The offer appears opportunistic, given the recent weakness in Rexel's share price last month. However, it could serve as a catalyst for the company to explore options to maximize shareholder value and provide support to the share price," J.P.Morgan notes
Reporting by Stéphanie Hamel
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