QXO Inc. is urging Beacon Roofing Supply Co. shareholders to decide the fate of its $11 billion all-cash acquisition offer after the company’s Board of Directors previously rejected the deal, according to QXO.
“Our offer provides certainty, a significant cash premium, and the ability to close quickly without regulatory delays,” said QXO chair and CEO Brad Jacobs. “Beacon’s Board should let shareholders decide what’s in their best interest.”
QXO pushes for Beacon Roofing takeover
The digital technology firm based in Greenwich, Connecticut, launched the tender offer Jan. 27, proposing $124.25 per share. That would be a 37% premium over Beacon’s 90-day average share price. Despite being higher than Beacon Roofing’s shares have ever traded, the company rejected the offer.
Beacon Roofing, valued at $6.2 billion, has delayed releasing new financial projections until March 13, more than three months after its initial rejection of QXO’s proposal. QXO criticized the delay, suggesting it was a tactic to avoid immediate accountability to shareholders.
The tender offer remains open until Feb. 24, and QXO is prepared to finalize the acquisition shortly after, pending shareholder support. QXO said the deal faces no financing or regulatory hurdles.
QXO views the acquisition as a step in its broader strategy to modernize the $800 billion building products distribution industry through digital commerce. Beacon Roofing has yet to publicly address whether it will reconsider its stance or maintain its resistance.
The clock is ticking, and with QXO pushing hard for shareholder input, the outcome of this corporate showdown is set to be decided soon.
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