QXO Comments on Beacon Roofing Supply’s Adoption of Shareholder-Unfriendly Poison Pill
QXO (NYSE: QXO) has responded to Beacon Roofing Supply's adoption of a shareholder rights plan (poison pill), which aims to block QXO's all-cash tender offer to acquire Beacon's shares. The offer stands at $124.25 per share, representing a 37% premium to Beacon's 90-day unaffected volume-weighted average price of $91.02 and a 26% premium to the $98.75 pre-announcement price.
QXO's chairman and CEO Brad Jacobs emphasized their commitment to completing the transaction promptly, highlighting their committed financing and anticipated smooth regulatory approval process. The tender offer remains open until February 24, 2025, with QXO prepared to complete the acquisition approximately one month after the tender expires. The transaction requires no financing or due diligence conditions.
QXO (NYSE: QXO) ha risposto all'adozione da parte di Beacon Roofing Supply di un piano per i diritti degli azionisti (pillola avvelenata), che mira a ostacolare l'offerta pubblica di acquisto in contante di QXO per acquisire le azioni di Beacon. L'offerta è fissata a $124,25 per azione, rappresentando un premio del 37% rispetto al prezzo medio ponderato per volume degli ultimi 90 giorni di Beacon, pari a $91,02, e un premio del 26% rispetto al prezzo di $98,75 precedente all'annuncio.
Il presidente e CEO di QXO, Brad Jacobs, ha sottolineato il loro impegno a completare la transazione rapidamente, evidenziando il finanziamento già impegnato e un previsto processo di approvazione normativa senza intoppi. L'offerta rimane aperta fino al 24 febbraio 2025, con QXO pronta a completare l'acquisizione circa un mese dopo la scadenza dell'offerta. La transazione non richiede condizioni di finanziamento o due diligence.
QXO (NYSE: QXO) ha respondido a la adopción por parte de Beacon Roofing Supply de un plan de derechos de los accionistas (píldora envenenada), que busca bloquear la oferta de adquisición en efectivo de QXO para comprar las acciones de Beacon. La oferta se sitúa en $124.25 por acción, lo que representa una prima del 37% sobre el precio promedio ponderado por volumen de 90 días de Beacon de $91.02 y una prima del 26% sobre el precio de $98.75 previo al anuncio.
El presidente y CEO de QXO, Brad Jacobs, enfatizó su compromiso de completar la transacción rápidamente, destacando el financiamiento asegurado y un previsto proceso de aprobación regulatoria fluido. La oferta permanece abierta hasta el 24 de febrero de 2025, con QXO preparado para completar la adquisición aproximadamente un mes después de que expire la oferta. La transacción no requiere condiciones de financiamiento ni de diligencia debida.
QXO (NYSE: QXO)는 Beacon Roofing Supply가 주주 권리 계획(포이즌 필)을 채택한 것에 대해 응답했습니다. 이 계획은 QXO가 Beacon의 주식을 인수하기 위한 전액 현금 인수 제안 차단을 목표로 하고 있습니다. 제안가는 $124.25 per 주식으로, Beacon의 90일 비영향력 평균 가격 $91.02에 비해 37%의 프리미엄을 나타내며, 발표 전 가격 $98.75에 비해 26%의 프리미엄을 표시합니다.
QXO의 의장 및 CEO인 Brad Jacobs는 거래를 신속하게 완료하겠다는 의지를 강조하며, 약속된 자금과 원활한 규제 승인 과정을 예상한다고 밝혔습니다. 인수 제안은 2025년 2월 24일까지 유효하며, QXO는 제안이 만료된 후 약 한 달 이내에 인수를 완료할 준비가 되어 있습니다. 거래에는 자금 조달 또는 실사 조건이 필요하지 않습니다.
QXO (NYSE: QXO) a répondu à l'adoption par Beacon Roofing Supply d'un plan de droits des actionnaires (pillow empoisonné), qui vise à bloquer l'offre d'achat en espèces de QXO pour acquérir les actions de Beacon. L'offre s'élève à $124,25 par action, ce qui représente une prime de 37 % par rapport au prix moyen pondéré par volume non affecté de Beacon sur 90 jours, qui est de $91,02, et une prime de 26 % par rapport au prix de $98,75 avant l'annonce.
Le président et PDG de QXO, Brad Jacobs, a souligné leur engagement à finaliser la transaction rapidement, mettant en avant leur financement engagé et un processus d'approbation réglementaire prévu comme étant fluide. L'offre reste ouverte jusqu'au 24 février 2025, QXO étant prêt à finaliser l'acquisition environ un mois après l'expiration de l'offre. La transaction ne nécessite aucune condition de financement ou de diligence raisonnable.
QXO (NYSE: QXO) hat auf die Annahme eines Aktionärsrechteplans (Giftpille) durch Beacon Roofing Supply reagiert, die darauf abzielt, das Barangebot von QXO zur Übernahme von Beacons Aktien zu blockieren. Das Angebot liegt bei $124,25 pro Aktie, was einen Aufschlag von 37% gegenüber dem unberührten volumengewogenen Durchschnittspreis von Beacon in den letzten 90 Tagen von $91,02 und einen Aufschlag von 26% gegenüber dem Preis von $98,75 vor der Ankündigung darstellt.
QXOs Vorsitzender und CEO Brad Jacobs betonte das Engagement, die Transaktion umgehend abzuschließen, und hob die zugesagte Finanzierung sowie den zu erwartenden reibungslosen Genehmigungsprozess hervor. Das Angebot bleibt bis zum 24. Februar 2025 geöffnet, und QXO ist bereit, die Übernahme etwa einen Monat nach Ablauf des Angebots abzuschließen. Die Transaktion erfordert keine Finanzierungs- oder Due-Diligence-Bedingungen.
- All-cash offer at $124.25 per share represents a 37% premium to 90-day average
- No financing or due diligence conditions required for the transaction
- Quick completion timeline of approximately one month after tender expiration
- Beacon's adoption of poison pill creates barrier to acquisition completion
- Regulatory approvals still pending under Hart-Scott-Rodino Act and Canadian Competition Act
Insights
This hostile takeover attempt represents a significant strategic move in the building materials sector. QXO's all-cash offer of
The implementation of a poison pill by Beacon's board is a classic defensive maneuver that typically dilutes any hostile acquirer's stake if they exceed a certain ownership threshold. While this tactic protects against coercive takeover attempts, it can also potentially deny shareholders the opportunity to benefit from a premium offer. The absence of financing contingencies and due diligence conditions in QXO's offer is particularly noteworthy, as it removes typical deal uncertainties and signals strong commitment.
The strategic rationale likely centers on vertical integration opportunities and market consolidation in the building materials distribution sector. QXO's aggressive timeline, with a tender offer expiring February 24, 2025 and anticipated closing within a month, suggests confidence in regulatory approval and creates pressure on Beacon's board to either negotiate or justify their opposition to shareholders.
Three potential scenarios emerge: 1) Beacon's board could negotiate for a higher price, using the poison pill as leverage, 2) QXO might pursue legal challenges to the poison pill while maintaining shareholder pressure, or 3) Beacon could seek alternative buyers, potentially triggering a bidding war. The involvement of Morgan Stanley as financial advisor suggests QXO has thoroughly evaluated these scenarios and has prepared for a prolonged battle if necessary.
Reaffirms Commitment to Acquiring Beacon for
All-Cash Offer Provides Significant and Immediate Value to Beacon Shareholders
GREENWICH, Conn., Jan. 28, 2025 (GLOBE NEWSWIRE) -- QXO, Inc. (NYSE: QXO) today commented on Beacon Roofing Supply, Inc.’s (Nasdaq: BECN) adoption of a shareholder rights plan, which takes immediate effect and is aimed at blocking QXO’s all-cash tender offer to acquire all outstanding shares of Beacon for
“We launched our all-cash tender offer to ensure that Beacon’s shareholders can take advantage of our compelling offer and get paid quickly. We have committed financing, have no due diligence condition and anticipate a smooth regulatory approval process to close,” said Brad Jacobs, chairman and chief executive officer of QXO. “The only thing stopping shareholders from acting to get cash expeditiously is the decision by Beacon’s Board to adopt a poison pill. We are prepared to take all necessary steps to complete this transaction promptly and deliver significant and immediate value to Beacon shareholders.”
QXO’s
QXO's tender offer will be outstanding until 12:00 midnight, New York City time, at the end of February 24, 2025, and it is prepared to complete the acquisition shortly after the tender expires, in approximately one month. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.
Morgan Stanley & Co. LLC is acting as financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.
About QXO
QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the
Forward-Looking Statements
The communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO and Beacon including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO’s commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; QXO’s indebtedness, including the substantial indebtedness QXO expects to incur in connection with the proposed transaction with Beacon and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees may be difficult; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
Important Additional Information and Where to Find It
This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the SEC on [DATE], 2025, and Beacon will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC. Investors and security holders are urged to read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, when available, carefully since they contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer. The information agent for the tender offer is Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, Toll-free telephone: +1 (888) 750-5834.
QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.
Certain Information Concerning the Participants
The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the issuance of this communication, other than QXO, which beneficially owns 100 shares of Beacon common stock, none of the participants that have been identified beneficially own any shares of Beacon common stock.
Media Contacts
Joe Checkler
joe.checkler@qxo.com
203-609-9650
Steve Lipin / Lauren Odell
Gladstone Place Partners
212-230-5930
Investor Contacts
Mark Manduca
mark.manduca@qxo.com
203-321-3889
Scott Winter / Jonathan Salzberger
Innisfree M&A Incorporated
212-750-5833
FAQ
What is QXO's offer price per share for Beacon Roofing Supply?
When does QXO's tender offer for Beacon Roofing expire?
What premium does QXO's offer represent to Beacon's stock price?
How has Beacon Roofing Supply responded to QXO's tender offer?
What regulatory approvals does QXO need for the Beacon acquisition?
