Beacon Comments on QXO’s Unsolicited Tender Offer
Beacon (NASDAQ: BECN) has confirmed that QXO, Inc. (NYSE: QXO) has initiated an unsolicited tender offer to acquire all outstanding Beacon shares for $124.25 per share in cash. The offer price remains unchanged from QXO's previous proposal dated November 11, 2024, which was made public on January 15, 2025.
The Beacon Board of Directors, which previously rejected the November proposal unanimously, stating it significantly undervalued the company, will evaluate this new tender offer with its independent financial and legal advisors. The Board will issue its formal recommendation to shareholders within ten business days through an SEC Schedule 14D-9 filing.
J.P. Morgan is acting as financial advisor, while Sidley Austin LLP and Simpson Thacher and Bartlett LLP serve as legal advisors. Shareholders are urged not to take any action at this time.
Beacon (NASDAQ: BECN) ha confermato che QXO, Inc. (NYSE: QXO) ha avviato un offerta pubblica di acquisto non richiesta per acquisire tutte le azioni in circolazione di Beacon per $124,25 per azione in contante. Il prezzo dell'offerta rimane invariato rispetto alla precedente proposta di QXO datata 11 novembre 2024, resa pubblica il 15 gennaio 2025.
Il Consiglio di Amministrazione di Beacon, che in precedenza aveva respinto all'unanimità la proposta di novembre, affermando che svalutava significativamente l'azienda, valuterà questa nuova offerta attraverso i propri consulenti finanziari e legali indipendenti. Il Consiglio emetterà la propria raccomandazione formale agli azionisti entro dieci giorni lavorativi tramite un deposito SEC Schedule 14D-9.
J.P. Morgan funge da consulente finanziario, mentre Sidley Austin LLP e Simpson Thacher e Bartlett LLP agiscono come consulenti legali. Si esorta gli azionisti a non intraprendere alcuna azione in questo momento.
Beacon (NASDAQ: BECN) ha confirmado que QXO, Inc. (NYSE: QXO) ha iniciado una oferta pública de adquisición no solicitada para adquirir todas las acciones en circulación de Beacon por $124.25 por acción en efectivo. El precio de la oferta permanece sin cambios desde la propuesta anterior de QXO, fechada el 11 de noviembre de 2024, que se hizo pública el 15 de enero de 2025.
La Junta Directiva de Beacon, que anteriormente rechazó por unanimidad la propuesta de noviembre, afirmando que subestimaba significativamente a la compañía, evaluará esta nueva oferta a través de sus asesores financieros y legales independientes. La Junta emitirá su recomendación formal a los accionistas dentro de diez días hábiles a través de un archivo SEC Schedule 14D-9.
J.P. Morgan actúa como asesor financiero, mientras que Sidley Austin LLP y Simpson Thacher y Bartlett LLP sirven como asesores legales. Se insta a los accionistas a no tomar ninguna acción en este momento.
비콘 (NASDAQ: BECN)은 QXO, Inc. (NYSE: QXO)가 모든 비콘 주식을 주당 $124.25의 현금으로 인수하기 위한 요청하지 않은 공개 매수 제안을 시작했다고 확인했습니다. 제안 가격은 2024년 11월 11일에 발표된 QXO의 이전 제안과 동일하며, 이는 2025년 1월 15일에 공개되었습니다.
비콘 이사회는 이전에 11월 제안을 일방적으로 거부하며 회사의 가치를 심각하게 저평가했다고 밝힌 바 있으며, 이번 새로운 공개 매수 제안을 독립 재무 및 법률 고문과 함께 평가할 예정입니다. 이사회는 SEC Schedule 14D-9 제출을 통해 10 영업일 이내에 주주에게 공식 추천을 발표할 것입니다.
J.P. Morgan은 재무 고문 역할을 하고 있으며, Sidley Austin LLP와 Simpson Thacher 및 Bartlett LLP는 법률 고문으로 활동하고 있습니다. 주주들은 현재 아무런 조치를 취하지 말 것을 권장합니다.
Beacon (NASDAQ: BECN) a confirmé que QXO, Inc. (NYSE: QXO) a lancé une offre publique d'achat non sollicitée pour acquérir toutes les actions en circulation de Beacon pour 124,25 $ par action en espèces. Le prix de l'offre reste inchangé par rapport à la proposition précédente de QXO datée du 11 novembre 2024, qui a été rendue publique le 15 janvier 2025.
Le Conseil d'Administration de Beacon, qui avait précédemment rejeté à l'unanimité la proposition de novembre, affirmant qu'elle sous-évaluait considérablement l'entreprise, examinera cette nouvelle offre de rachat avec ses conseillers financiers et juridiques indépendants. Le Conseil publiera sa recommandation formelle aux actionnaires dans les dix jours ouvrables via un dépôt SEC Schedule 14D-9.
J.P. Morgan agit en tant que conseiller financier, tandis que Sidley Austin LLP et Simpson Thacher et Bartlett LLP servent de conseillers juridiques. Les actionnaires sont instamment priés de ne prendre aucune mesure pour le moment.
Beacon (NASDAQ: BECN) hat bestätigt, dass QXO, Inc. (NYSE: QXO) ein unaufgefordertes Übernahmeangebot zur Übernahme aller ausstehenden Beacon-Aktien zu einem Preis von 124,25 $ pro Aktie in bar eingereicht hat. Der Angebotspreis bleibt unverändert im Vergleich zum vorherigen Vorschlag von QXO vom 11. November 2024, der am 15. Januar 2025 veröffentlicht wurde.
Der Vorstand von Beacon, der den Vorschlag im November einstimmig abgelehnt hat, da dieser das Unternehmen erheblich unterbewertete, wird dieses neue Angebot gemeinsam mit seinen unabhängigen finanziellen und rechtlichen Beratern prüfen. Der Vorstand wird seine offizielle Empfehlung an die Aktionäre innerhalb von zehn Geschäftstagen mittels einer SEC Schedule 14D-9-Einreichung abgeben.
J.P. Morgan fungiert als Finanzberater, während Sidley Austin LLP und Simpson Thacher und Bartlett LLP als rechtliche Berater tätig sind. Aktionäre werden dringend gebeten, zu diesem Zeitpunkt keine Maßnahmen zu ergreifen.
- Potential acquisition offer at $124.25 per share in cash provides shareholders with immediate liquidity opportunity
- Board previously rejected the same price as significantly undervaluing the company
- Unsolicited nature of the tender offer suggests potential hostile takeover attempt
Insights
The unchanged
Several critical factors warrant attention: First, QXO's decision to maintain the same price point after a clear rejection signals potential inflexibility but could also be a tactical move to pressure Beacon's board through direct shareholder engagement. Second, the timing of making the November proposal public in January, followed by this formal tender offer, appears designed to capitalize on seasonal industry dynamics when building materials companies typically trade at lower multiples.
The Board's engagement of three premier advisory firms - J.P. Morgan for financial guidance and both Sidley Austin and Simpson Thacher for legal counsel - suggests preparation for a robust defense strategy. The dual legal team structure is particularly noteworthy, indicating potential complexity in antitrust considerations and the likelihood of a protracted negotiation process.
The upcoming Schedule 14D-9 filing will be crucial, as it will detail the Board's rationale for their recommendation and likely include financial projections and fairness opinions that could significantly influence shareholder decisions. This document typically serves as a key defense mechanism in contested M&A situations, potentially revealing Beacon's internal valuation metrics and growth projections.
The valuation dynamics of this unsolicited tender offer warrant careful scrutiny. The Board's unanimous rejection of the initial
The timing of this tender offer is particularly strategic, coming during a period when building materials stocks often trade at compressed multiples due to seasonal factors. This could be interpreted as an opportunistic attempt to acquire Beacon at a cyclical low point, despite the company's strong market position and potential for margin expansion through operational efficiencies.
The Board's engagement of J.P. Morgan suggests a thorough valuation analysis is underway, likely incorporating factors such as: strategic synergy potential, market share dynamics, real estate portfolio value and operational improvement opportunities. The formal Schedule 14D-9 filing will be instrumental in understanding the gap between QXO's valuation and the Board's assessment of Beacon's fair value.
Offer Price Remains Unchanged from Prior Unsolicited Proposal
The Beacon Board is Evaluating the Offer and Urges Shareholders Not To Take Action At This Time
Consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, the Beacon Board of Directors (the “Board”) will thoroughly evaluate QXO’s tender offer to determine the course of action that it believes is in the best interests of Beacon and its shareholders. However, Beacon notes that QXO’s offer price remains unchanged from its November 11, 2024 proposal to acquire all of the outstanding shares of the Company for
Beacon shareholders are urged not to take any action at this time. The Board will issue its formal recommendation to shareholders regarding QXO’s tender offer within ten business days by filing with the
J.P. Morgan is serving as financial advisor and Sidley Austin LLP and Simpson Thacher and Bartlett LLP are 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 release contains information that may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. 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 press release does not constitute an offer to buy or solicitation of an offer to sell any securities. The Company will file 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 shareholders will be mailed to shareholders. THE COMPANY’S INVESTORS AND SHAREHOLDERS 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 shareholders 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 shareholders for the Company’s 2025 Annual Meeting of Shareholders. THE COMPANY’S SHAREHOLDERS 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 shareholders 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 directors (Stuart A. Randle, Barbara Fast, Alan Gershenhorn, Melanie Hart Housey, Racquel Harris Mason, Robert M. McLaughlin, Earl Newsome, 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 shareholders in connection with matters to be considered at the Company’s 2025 Annual Meeting of Shareholders. 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 Shareholders, 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. Housey (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, here, and here). Such filings are also available on the Company’s website at https://ir.beaconroofingsupply.com/financials-and-presentations/sec-filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127666258/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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