Beacon Issues Statement in Response to QXO’s Extension of Unsolicited Tender Offer
Beacon (Nasdaq: BECN) has issued a statement responding to QXO, Inc.'s extension of its unsolicited tender offer to acquire all outstanding Beacon shares for $124.25 per share in cash. The company revealed that approximately 10,685,631 shares (about 17.27% of all outstanding shares) have been tendered into the offer.
Beacon's Board of Directors has unanimously rejected QXO's offer, stating it significantly undervalues the company and its growth prospects. The Board emphasized Beacon's strong performance, noting it has generated total shareholder returns exceeding 200% over the past five years under current management.
The Board believes the low tender rate of 17.27% confirms that the majority of shareholders agree the offer price is inadequate. Beacon is encouraging shareholders not to tender their shares and advising those who have already tendered to withdraw them.
Beacon (Nasdaq: BECN) ha rilasciato una dichiarazione in risposta all'estensione dell'offerta pubblica di acquisto non richiesta da parte di QXO, Inc. per acquisire tutte le azioni in circolazione di Beacon a 124,25 dollari per azione in contante. L'azienda ha rivelato che circa 10.685.631 azioni (circa il 17,27% di tutte le azioni in circolazione) sono state offerte nell'operazione.
Il Consiglio di Amministrazione di Beacon ha rigettato all'unanimità l'offerta di QXO, affermando che essa sottovaluta significativamente l'azienda e le sue prospettive di crescita. Il Consiglio ha sottolineato le forti performance di Beacon, notando che ha generato rendimenti totali per gli azionisti superiori al 200% negli ultimi cinque anni sotto l'attuale gestione.
Il Consiglio crede che il basso tasso di adesione del 17,27% confermi che la maggior parte degli azionisti concordi sul fatto che il prezzo dell'offerta sia inadeguato. Beacon sta incoraggiando gli azionisti a non offrire le loro azioni e a consigliare coloro che lo hanno già fatto di ritirarle.
Beacon (Nasdaq: BECN) ha emitido un comunicado en respuesta a la extensión de la oferta pública de adquisición no solicitada de QXO, Inc. para adquirir todas las acciones en circulación de Beacon a 124,25 dólares por acción en efectivo. La compañía reveló que aproximadamente 10.685.631 acciones (alrededor del 17,27% de todas las acciones en circulación) han sido ofrecidas en la oferta.
La Junta Directiva de Beacon ha rechazado unánimemente la oferta de QXO, afirmando que subestima significativamente a la compañía y sus perspectivas de crecimiento. La Junta enfatizó el sólido rendimiento de Beacon, señalando que ha generado rendimientos totales para los accionistas superiores al 200% en los últimos cinco años bajo la gestión actual.
La Junta cree que la baja tasa de aceptación del 17,27% confirma que la mayoría de los accionistas están de acuerdo en que el precio de la oferta es inadecuado. Beacon está alentando a los accionistas a no ofrecer sus acciones y aconsejando a aquellos que ya lo han hecho que las retiren.
비콘 (Nasdaq: BECN)은 QXO, Inc.가 비콘의 모든 발행 주식을 주당 124.25달러에 현금으로 인수하겠다는 비공식적인 공개 매수 제안을 연장한 것에 대해 성명을 발표했습니다. 회사는 약 10,685,631주(전체 발행 주식의 약 17.27%)가 제안에 응답했다고 밝혔습니다.
비콘의 이사회는 QXO의 제안을 전원 일치로 거부하며, 이는 회사와 그 성장 전망을 상당히 저평가한다고 밝혔습니다. 이사회는 비콘의 강력한 성과를 강조하며, 현재 경영 하에 지난 5년 동안 200% 이상의 총 주주 수익률을 생성했다고 언급했습니다.
이사회는 17.27%라는 낮은 입찰 비율이 대부분의 주주가 제안 가격이 불충분하다고 동의하고 있음을 확인한다고 믿고 있습니다. 비콘은 주주들에게 주식을 입찰하지 말 것을 권장하고, 이미 입찰한 주주들에게는 이를 철회할 것을 권고하고 있습니다.
Beacon (Nasdaq: BECN) a publié une déclaration en réponse à l'extension de l'offre publique d'achat non sollicitée de QXO, Inc. pour acquérir toutes les actions en circulation de Beacon au prix de 124,25 dollars par action en espèces. La société a révélé qu'environ 10 685 631 actions (environ 17,27 % de toutes les actions en circulation) ont été soumises à l'offre.
Le Conseil d'administration de Beacon a rejeté à l'unanimité l'offre de QXO, affirmant qu'elle sous-évalue considérablement l'entreprise et ses perspectives de croissance. Le Conseil a souligné la forte performance de Beacon, notant qu'elle a généré des rendements totaux pour les actionnaires dépassant 200 % au cours des cinq dernières années sous la direction actuelle.
Le Conseil estime que le faible taux d'acceptation de 17,27 % confirme que la majorité des actionnaires s'accordent à dire que le prix de l'offre est insuffisant. Beacon encourage les actionnaires à ne pas soumettre leurs actions et conseille à ceux qui l'ont déjà fait de les retirer.
Beacon (Nasdaq: BECN) hat eine Erklärung abgegeben, um auf die Verlängerung des unaufgeforderten Übernahmeangebots von QXO, Inc. zu reagieren, alle ausgegebenen Aktien von Beacon für 124,25 Dollar pro Aktie in bar zu erwerben. Das Unternehmen gab bekannt, dass ungefähr 10.685.631 Aktien (etwa 17,27% aller ausgegebenen Aktien) in das Angebot eingegeben wurden.
Der Vorstand von Beacon hat das Angebot von QXO einstimmig abgelehnt und erklärt, dass es das Unternehmen und seine Wachstumsaussichten signifikant unterbewertet. Der Vorstand betonte die starke Leistung von Beacon und wies darauf hin, dass unter der aktuellen Leitung in den letzten fünf Jahren eine Gesamtrendite für die Aktionäre von über 200% erzielt wurde.
Der Vorstand ist der Meinung, dass die niedrige Tenderquote von 17,27% bestätigt, dass die Mehrheit der Aktionäre der Meinung ist, dass der Angebotspreis unzureichend ist. Beacon ermutigt die Aktionäre, ihre Aktien nicht einzureichen, und rät denen, die dies bereits getan haben, ihre Aktien zurückzuziehen.
- Beacon has delivered over 200% total shareholder returns in the past five years
- Board is confident in the company's standalone growth plan (Ambition 2025)
- Only 17.27% of shares have been tendered, suggesting most shareholders agree with the Board's assessment
- Facing an unsolicited tender offer from QXO
- Some shareholders (17.27%) have already tendered their shares to QXO
Insights
Beacon's forceful rejection of QXO's $124.25 per share tender offer represents a critical juncture for the building materials distributor. While the offer price reflects a modest 7.6% premium to current trading levels, the Board's unanimous rejection signals confidence in their standalone growth trajectory through their Ambition 2025 strategic plan.
The 17.27% tender rate is particularly telling. In hostile takeover scenarios, successful offers typically garner 30-40% initial support, making QXO's current position notably weak. This low participation rate provides Beacon with substantial leverage in either maintaining independence or negotiating more favorable terms.
Beacon's reference to delivering 200%+ shareholder returns over five years isn't just defensive posturing—it's a quantifiable outperformance compared to the S&P 500's approximately 90% return over the same period. This track record lends credibility to management's claim that they can deliver superior value independently.
The timing of QXO's approach appears opportunistic. Despite Beacon's strong performance, the building materials sector has faced headwinds from interest rate pressures and housing market volatility. QXO likely sees an opportunity to acquire a well-positioned competitor at a relative discount to its long-term value.
For investors, this standoff creates a multi-dimensional opportunity. The Board's firm rejection language suggests they're not opposed to a transaction in principle but consider the current offer inadequate. This opens three potential value-creation paths:
- QXO increases its bid to attract broader shareholder support (typically requiring 15-20% premium increases in contested scenarios)
- Beacon's rejection attracts competing bidders, creating an auction dynamic
- Beacon executes its Ambition 2025 plan independently, potentially delivering superior returns
The engagement of both J.P. Morgan and Lazard as financial advisors—unusual to have two tier-one banks simultaneously—signals Beacon is seriously exploring all strategic alternatives while defending its standalone valuation thesis.
Investors should closely monitor upcoming QXO communications, Beacon's detailed defense presentations outlining their growth strategy, and any unusual trading patterns that might indicate institutional positioning for an improved offer.
Beacon Board Has Unanimously Recommended That
Beacon Shareholders NOT Tender Their Shares Into QXO’s Offer
Beacon’s Board of Directors (the “Board”) has unanimously concluded that QXO’s unsolicited tender offer (the “Offer”) significantly undervalues the Company and its prospects for growth and value creation, and is not in the best interests of Beacon and its shareholders. Beacon has a strong track record of delivering above market growth and superior financial and operational results through the successful execution of Ambition 2025. Having generated total shareholder returns of more than
In addition, the fact that shareholders have only tendered approximately
We appreciate the support we have received and continue to encourage all Beacon shareholders not to tender their shares into the Offer. We similarly encourage those who have tendered to withdraw their shares.
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.
1 From January 2, 2020 to November 15, 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225587195/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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