Beacon Issues Statement in Response to QXO’s Director Nominations
Beacon (NASDAQ: BECN) announced that QXO has nominated ten individuals for election to Beacon's Board at the 2025 Annual Meeting. This move follows Beacon's Board's unanimous rejection of QXO's unsolicited tender offer of $124.25 per share, which remained unchanged from its November 2024 proposal.
Beacon's current Board, comprising ten directors (nine independent), has overseen the company's successful execution of its Ambition 2025 plan, delivering over 200% total shareholder returns in the past five years and achieving 11 consecutive quarters of record net sales. The Board views QXO's nominations as an attempt to pressure acceptance of an offer price that they believe significantly undervalues Beacon's growth prospects.
The company plans to share its future growth plans and 2028 long-term financial targets at its upcoming Investor Day on March 13, 2025. The Board will evaluate QXO's nominations and present recommendations in the company's proxy statement before the 2025 Annual Meeting.
Beacon (NASDAQ: BECN) ha annunciato che QXO ha nominato dieci persone per l'elezione al Consiglio di Amministrazione di Beacon durante l'Assemblea Annuale del 2025. Questa mossa segue il rifiuto unanime del Consiglio di Amministrazione di Beacon dell'offerta pubblica di acquisto non richiesta di QXO di 124,25 dollari per azione, che è rimasta invariata rispetto alla proposta di novembre 2024.
Il Consiglio attuale di Beacon, composto da dieci membri (nove indipendenti), ha supervisionato l'esecuzione di successo del piano Ambition 2025 dell'azienda, con un ritorno totale per gli azionisti superiore al 200% negli ultimi cinque anni e raggiungendo 11 trimestri consecutivi di vendite nette record. Il Consiglio considera le nomine di QXO come un tentativo di esercitare pressione per accettare un prezzo di offerta che, a loro avviso, sottovaluta significativamente le prospettive di crescita di Beacon.
L'azienda prevede di condividere i suoi piani di crescita futuri e gli obiettivi finanziari a lungo termine per il 2028 nel prossimo Investor Day del 13 marzo 2025. Il Consiglio valuterà le nomine di QXO e presenterà raccomandazioni nella dichiarazione di delega dell'azienda prima dell'Assemblea Annuale del 2025.
Beacon (NASDAQ: BECN) anunció que QXO ha nominado a diez personas para la elección de la Junta Directiva de Beacon en la Reunión Anual de 2025. Este movimiento sigue al rechazo unánime de la Junta de Beacon a la oferta pública de adquisición no solicitada de QXO de 124,25 dólares por acción, que se mantuvo sin cambios desde su propuesta de noviembre de 2024.
La Junta actual de Beacon, compuesta por diez directores (nueve independientes), ha supervisado la exitosa ejecución del plan Ambition 2025 de la empresa, logrando más del 200% de retorno total para los accionistas en los últimos cinco años y alcanzando 11 trimestres consecutivos de ventas netas récord. La Junta ve las nominaciones de QXO como un intento de presionar para aceptar un precio de oferta que, según ellos, subestima significativamente las perspectivas de crecimiento de Beacon.
La empresa planea compartir sus planes de crecimiento futuros y sus objetivos financieros a largo plazo para 2028 en su próximo Día del Inversor el 13 de marzo de 2025. La Junta evaluará las nominaciones de QXO y presentará recomendaciones en la declaración de poder de la empresa antes de la Reunión Anual de 2025.
비콘 (NASDAQ: BECN)은 QXO가 2025년 연례 회의에서 비콘 이사회에 선출될 10명의 개인을 지명했다고 발표했습니다. 이 결정은 비콘 이사회가 QXO의 비공식 인수 제안인 주당 124.25달러를 만장일치로 거부한 뒤 이루어졌으며, 이 제안은 2024년 11월 제안과 변동이 없었습니다.
현재 비콘 이사회는 10명의 이사(독립 이사 9명)로 구성되어 있으며, 회사의 Ambition 2025 계획을 성공적으로 실행하여 지난 5년 동안 총 주주 수익률이 200%를 초과하고 11개 분기 연속으로 기록적인 순매출을 달성했습니다. 이사회는 QXO의 지명을 비콘의 성장 전망을 심각하게 과소평가하는 가격 제안 수용을 압박하기 위한 시도로 보고 있습니다.
회사는 2025년 3월 13일 예정된 투자자 데이에서 향후 성장 계획과 2028년 장기 재무 목표를 공유할 계획입니다. 이사회는 QXO의 지명을 평가하고 2025년 연례 회의 전에 회사의 위임장에 대한 권장 사항을 제시할 것입니다.
Beacon (NASDAQ: BECN) a annoncé que QXO a nommé dix personnes pour l'élection au Conseil d'Administration de Beacon lors de l'Assemblée Générale Annuelle de 2025. Ce mouvement fait suite au rejet unanime par le Conseil de Beacon de l'offre publique d'achat non sollicitée de QXO à 124,25 dollars par action, qui est restée inchangée par rapport à sa proposition de novembre 2024.
Le Conseil actuel de Beacon, composé de dix administrateurs (neuf indépendants), a supervisé l'exécution réussie du plan Ambition 2025 de l'entreprise, réalisant plus de 200% de rendement total pour les actionnaires au cours des cinq dernières années et atteignant 11 trimestres consécutifs de ventes nettes record. Le Conseil considère les nominations de QXO comme une tentative de faire pression pour accepter un prix d'offre qu'il estime sous-évaluer considérablement les perspectives de croissance de Beacon.
L'entreprise prévoit de partager ses projets de croissance futurs et ses objectifs financiers à long terme pour 2028 lors de son prochain Investor Day le 13 mars 2025. Le Conseil évaluera les nominations de QXO et présentera des recommandations dans la déclaration de procuration de l'entreprise avant l'Assemblée Générale Annuelle de 2025.
Beacon (NASDAQ: BECN) gab bekannt, dass QXO zehn Personen zur Wahl in den Vorstand von Beacon bei der Jahreshauptversammlung 2025 nominiert hat. Dieser Schritt folgt der einstimmigen Ablehnung des Vorstands von Beacon des unaufgeforderten Übernahmeangebots von QXO in Höhe von 124,25 USD pro Aktie, das seit dem Vorschlag im November 2024 unverändert blieb.
Der derzeitige Vorstand von Beacon, der aus zehn Direktoren (neun unabhängig) besteht, hat die erfolgreiche Umsetzung des Unternehmensplans Ambition 2025 überwacht und in den letzten fünf Jahren eine Gesamtrendite für die Aktionäre von über 200% erzielt sowie 11 aufeinanderfolgende Quartale mit Rekordnettogewinnen erreicht. Der Vorstand betrachtet die Nominierungen von QXO als einen Versuch, Druck auszuüben, um einen Angebotspreis zu akzeptieren, von dem sie glauben, dass er die Wachstumsaussichten von Beacon erheblich unterbewertet.
Das Unternehmen plant, seine zukünftigen Wachstumspläne und langfristigen finanziellen Ziele für 2028 am 13. März 2025 beim kommenden Investorentag vorzustellen. Der Vorstand wird die Nominierungen von QXO bewerten und Empfehlungen in der Stimmrechtsunterlage des Unternehmens vor der Jahreshauptversammlung 2025 präsentieren.
- Achieved over 200% total shareholder returns in past five years
- Delivered 11 consecutive quarters of record net sales
- Strong board composition with 9 out of 10 directors being independent
- Facing unsolicited takeover pressure from QXO
- Potential board disruption from proxy contest
Insights
This hostile takeover attempt has entered a critical phase with QXO's board nominations, signaling an escalation in what could become a prolonged proxy battle. The unchanged offer price of
Several strategic elements warrant attention: First, Beacon's defensive positioning is robust, highlighted by their emphasis on 200% shareholder returns over five years and 11 consecutive quarters of record net sales. This track record strengthens their argument against the current offer price and provides leverage in any potential negotiations.
The timing of Beacon's upcoming Investor Day on March 13 is a calculated counter-move, designed to demonstrate the company's standalone value proposition and potentially force QXO to increase its bid. By announcing 2028 targets ahead of any proxy battle, Beacon can better justify its rejection of QXO's offer to shareholders.
The current board's composition, featuring nine independent directors out of ten, with expertise across important areas like industrial manufacturing, distribution, and technology, presents a strong defense against QXO's argument for change. Their track record of successful strategy execution through the Ambition 2025 plan provides concrete evidence of effective governance.
For investors, this situation presents both opportunities and risks. The presence of two prestigious financial advisors (J.P. Morgan and Lazard) suggests Beacon is preparing for all scenarios, including the possibility of alternative strategic options or a higher bid from QXO. The board's openness to "considering all opportunities to maximize shareholder value" indicates they're not entirely opposed to a deal, but are positioning for better terms.
The market should expect increased volatility as this situation unfolds. Historical precedents in similar proxy contests suggest these battles typically result in one of three outcomes: the acquirer increasing their offer price, the emergence of alternative bidders, or the target remaining independent with enhanced shareholder return initiatives. The upcoming Investor Day will be a important catalyst that could significantly influence the trajectory of this corporate contest.
Nominations Represent Apparent Attempt to Pressure Beacon’s Board into Accepting an Unchanged Offer Price That Significantly Undervalues Beacon’s Full Intrinsic Value and Prospects for Growth
Follows the Beacon Board’s Unanimous Rejection of QXO’s Unsolicited Tender Offer
No Shareholder Action Is Required at This Time
Beacon’s Board issued the following statement in response:
Beacon’s Board consists of ten highly qualified directors – nine of whom are independent – who have been critical in overseeing the Company’s successful execution of its Ambition 2025 plan, which generated total shareholder returns of more than
Each of our Board members brings the skills, knowledge, experience and tenure necessary to guide the Company’s strategic and operational direction, as well as a firm and demonstrated commitment to acting in the best interests of Beacon and all of its shareholders. Their expertise spans an array of industries relevant to Beacon’s continued success, including industrial manufacturing, national and international distribution, supply chain, information technology, logistics, e-commerce, strategy, marketing, brand management, cybersecurity and finance.
QXO’s director nominations appear to be an attempt to pressure Beacon’s Board into accepting an unchanged offer price that significantly undervalues Beacon’s prospects for growth and value creation, which the Board previously rejected.
The Board remains open to considering all opportunities to maximize shareholder value, and Beacon looks forward to sharing more on its future growth plans and 2028 long-term financial targets at its upcoming Investor Day on March 13, 2025.
Beacon’s Board will evaluate QXO’s director nomination notice and present its recommendations with respect to director nominations in the Company’s proxy statement, which will be filed with the Securities and Exchange Commission (the “SEC”) ahead of the Company’s 2025 Annual Meeting. Beacon shareholders do not need to take any action at this time.
Recommended Rejection of Unsolicited Tender Offer
QXO’s nominations follow its unsolicited tender offer (the “Offer”) to acquire all outstanding shares of Beacon for
The Schedule 14D-9 filing and other materials related to QXO’s unsolicited offer – including full copies of Beacon’s correspondence with QXO – have been filed with the SEC and are available at www.BeaconBuildsValue.com.
J.P. Morgan is serving as financial advisor to the Company and its Board, and Lazard is serving as financial advisor to the Board. Sidley Austin LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Beacon.
About Beacon
Founded in 1928, Beacon is a publicly-traded Fortune 500 company that distributes specialty building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 580 branches throughout all 50 states in the
Forward-Looking Statements
This communication contains statements that may constitute forward-looking statements. These statements include, but are not limited to: statements related to the Company’s views and expectations regarding the Offer; any statements relating to the plans, strategies and objectives of management or the Company’s Board for future operations and activities; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on the Company and its financial performance; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as “anticipate,” “estimate,” “expect,” “believe,” “will likely result,” “outlook,” “project” and other words and expressions of similar meaning. Investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended December 31, 2023 and subsequent filings with the
Important Information for Investors and Stockholders
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The Company has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC. Any solicitation/recommendation statement filed by the Company that is required to be mailed to stockholders will be mailed to stockholders. THE COMPANY’S INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S SOLICITATION/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the solicitation/recommendation statement on Schedule 14D-9, any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Financials & Presentations” section of the Company’s website, https://ir.beaconroofingsupply.com/, or by contacting Binit.Sanghvi@becn.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Important Additional Information
The Company intends to file a proxy statement on Schedule 14A, an accompanying BLUE proxy card, and other relevant documents with the SEC in connection with such solicitation of proxies from the Company’s stockholders for the Company’s 2025 Annual Meeting of Stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying BLUE proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Financials & Presentations” section of the Company’s website, https://ir.beaconroofingsupply.com/.
Participants in the Solicitation
The Company, each of its independent directors (Stuart A. Randle, Barbara G. Fast, Alan Gershenhorn, Melanie M. Hart, Racquel H. Mason, Robert M. McLaughlin, Earl Newsome, Jr., Neil S. Novich, and Douglas L. Young) and certain of its executive officers (Julian Francis, President & Chief Executive Officer and Prithvi Gandhi, Executive Vice President & Chief Financial Officer) are deemed to be “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Company’s 2025 Annual Meeting of Stockholders. Information about the names of the Company’s directors and officers, their respective interests in the Company by security holdings or otherwise, and their respective compensation is set forth in the sections entitled “Information About our Nominees,” “Compensation of Directors,” “Information on Executive Compensation” and “Stock Ownership” of the Company’s Proxy Statement on Schedule 14A in connection with the 2024 Annual Meeting of Stockholders, filed with the SEC on April 3, 2024 (available here), the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2024 (available here) and the Company’s Current Report on Form 8-K filed with the SEC on April 23, 2024 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on May 28, 2024 and May 17, 2024 for Mr. Randle (available here and here); May 17, 2024 for Ms. Fast (available here); May 17, 2024 for Mr. Gershenhorn (available here); May 17, 2024 for Ms. Hart (available here); May 17, 2024 for Ms. Mason (available here); May 17, 2024 for Mr. McLaughlin (available here); May 17, 2024 for Mr. Newsome (available here); May 17, 2024 for Mr. Novich (available here); May 17, 2024 for Mr. Young (available here); May 22, 2024 for Mr. Francis (available here); and August 8, 2024 and May 21, 2024 for Mr. Gandhi (available here and here). Such filings are also available on the Company’s website at https://ir.beaconroofingsupply.com/financials-and-presentations/sec-filings.
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1 From January 2, 2020 to November 15, 2024.
2 From launch of the Ambition 2025 plan through the third quarter of 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212435042/en/
Beacon Contacts:
Media
Jennifer Lewis
VP, Communications and Corporate Social Responsibility
Jennifer.Lewis@becn.com
571-752-1048
Ed Trissel / Andrea Rose
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Investors
Binit Sanghvi
VP, Capital Markets and Treasurer
Binit.Sanghvi@becn.com
972-369-8005
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
888-785-6673
212-297-0720
info@okapipartners.com
Source: Beacon
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