QXO Urges Beacon Roofing Supply to Let Shareholders Decide on Premium All Cash Offer of $124.25 per Share
QXO has responded to Beacon Roofing Supply's rejection of its all-cash offer of $124.25 per share. The tender offer, launched on January 27, 2025, values Beacon at approximately $11 billion, representing a 37% premium to Beacon's 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024.
The offer price exceeds Beacon's historical trading highs. QXO's CEO Brad Jacobs emphasized that their offer provides certainty, premium cash value, and quick closing potential without regulatory delays or financing risks. Beacon has delayed announcing its 2028 financial projections until March 13, which QXO views as an unnecessary delay.
The tender offer remains open until February 24, 2025, with QXO ready to complete the acquisition shortly after expiration, subject to offer terms. The transaction faces no financing or due diligence conditions, with antitrust waiting periods expected to be cleared by the offer's expiration.
QXO ha risposto al rifiuto di Beacon Roofing Supply riguardo alla sua offerta interamente in contante di $124,25 per azione. L'offerta pubblica, lanciata il 27 gennaio 2025, valuta Beacon a circa $11 miliardi, rappresentando un premio del 37% rispetto al prezzo medio ponderato per volume non influenzato di Beacon di $91,02 per azione al 15 novembre 2024.
Il prezzo dell'offerta supera i massimi storici di trading di Beacon. Il CEO di QXO, Brad Jacobs, ha sottolineato che la loro offerta offre certezza, valore in contante premium e potenzialità di chiusura rapida senza ritardi normativi o rischi di finanziamento. Beacon ha rinviato l'annuncio delle sue previsioni finanziarie per il 2028 fino al 13 marzo, e QXO considera questo ritardo come non necessario.
L'offerta pubblica rimane aperta fino al 24 febbraio 2025, con QXO pronta a completare l'acquisizione poco dopo la scadenza, soggetta ai termini dell'offerta. La transazione non affronta condizioni di finanziamento o due diligence, con i periodi di attesa antitrust che si prevede saranno superati entro la scadenza dell'offerta.
QXO ha respondido a la rechaza de Beacon Roofing Supply a su oferta en efectivo de $124.25 por acción. La oferta de adquisición, lanzada el 27 de enero de 2025, valora a Beacon en aproximadamente $11 mil millones, representando una prima del 37% sobre el precio promedio ponderado por volumen no afectado de Beacon de $91.02 por acción al 15 de noviembre de 2024.
El precio de la oferta supera los máximos históricos de trading de Beacon. El CEO de QXO, Brad Jacobs, enfatizó que su oferta proporciona certeza, valor en efectivo premium y un potencial de cierre rápido sin retrasos regulatorios o riesgos de financiamiento. Beacon ha retrasado el anuncio de sus proyecciones financieras para 2028 hasta el 13 de marzo, lo que QXO considera un retraso innecesario.
La oferta de adquisición permanece abierta hasta el 24 de febrero de 2025, con QXO lista para completar la adquisición poco después de la expiración, sujeta a los términos de la oferta. La transacción no enfrenta condiciones de financiamiento ni de diligencia debida, con períodos de espera antimonopolio que se espera se superen para la expiración de la oferta.
QXO는 Beacon Roofing Supply가 제시한 현금 전액 입찰 $124.25 주당을 거부한 것에 대해 응답했습니다. 2025년 1월 27일에 시작된 공개 제안은 Beacon의 가치를 약 $11억으로 평가하는 것으로, 2024년 11월 15일 기준으로 Beacon의 90일간의 비영향량 가중 평균 가격인 $91.02에 비해 37%의 프리미엄을 나타냅니다.
입찰 가격은 Beacon의 역사적인 거래 최고치를 초과합니다. QXO의 CEO인 Brad Jacobs는 그들의 제안이 확실성, 프리미엄 현금 가치를 제공하며, 규제 지연이나 자금 조달 위험 없이 신속한 마감 가능성을 뒷받침한다고 강조했습니다. Beacon은 2028년 재무 전망 발표를 3월 13일까지 연기했으며, QXO는 이를 불필요한 지연으로 보고 있습니다.
입찰 제안은 2025년 2월 24일까지 유효하며, QXO는 제안 조건에 따라 만료 후 곧바로 인수를 완료할 준비가 되어 있습니다. 이 거래는 자금 조달이나 실사 조건이 없으며, 독점 금지 대기 기간은 제안 만료 전에 해제될 것으로 예상됩니다.
QXO a répondu au refus de Beacon Roofing Supply de son offre en numéraire de $124,25 par action. L'offre publique, lancée le 27 janvier 2025, valorise Beacon à environ $11 milliards, représentant une prime de 37 % par rapport au prix moyen pondéré par volume non affecté de Beacon de $91,02 par action au 15 novembre 2024.
Le prix de l'offre dépasse les historiques de trading de Beacon. Le PDG de QXO, Brad Jacobs, a souligné que leur offre apporte certitude, valeur en espèces premium et potentiel de clôture rapide sans retards réglementaires ni risques de financement. Beacon a retardé l'annonce de ses prévisions financières pour 2028 jusqu'au 13 mars, ce que QXO considère comme un retard inutile.
L'offre publique reste ouverte jusqu'au 24 février 2025, QXO étant prêt à finaliser l'acquisition peu après l'expiration, sous réserve des conditions de l'offre. La transaction ne présente aucune condition de financement ou de diligence raisonnable, les délais d'attente en matière de concurrence devant être levés avant l'expiration de l'offre.
QXO hat auf die Ablehnung des Barangebots von Beacon Roofing Supply in Höhe von $124,25 pro Aktie reagiert. Das Angebot, das am 27. Januar 2025 gestartet wurde, bewertet Beacon mit etwa $11 Milliarden, was einen Aufschlag von 37 % auf den 90-tägigen unberührten volumengewichten Durchschnittspreis von Beacon von $91,02 pro Aktie zum 15. November 2024 darstellt.
Der Angebotspreis übersteigt die historischen Handels-Hochs von Beacon. Der CEO von QXO, Brad Jacobs, betonte, dass ihr Angebot Sicherheit, eine Premium-Barwerteratement und eine schnelle Abschlussmöglichkeit ohne regulatorische Verzögerungen oder Finanzierungsrisiken bietet. Beacon hat die Bekanntgabe seiner finanziellen Prognosen für 2028 auf den 13. März verschoben, was QXO als unnötige Verzögerung betrachtet.
Das Angebot bleibt bis zum 24. Februar 2025 offen, mit QXO, das bereit ist, die Übernahme kurz nach Ablauf abzuschließen, vorbehaltlich der Angebotsbedingungen. Die Transaktion unterliegt keinen Finanzierungs- oder Due-Diligence-Bedingungen, wobei die wettbewerbsrechtlichen Wartefristen voraussichtlich bis zum Ablauf des Angebots geklärt werden.
- Premium offer of 37% above Beacon's 90-day average price
- All-cash transaction providing immediate value to shareholders
- No financing conditions or due diligence requirements
- Quick closing potential with expected regulatory clearance
- Target board rejection of the offer
- Potential resistance from Beacon management with delayed financial projections
Insights
QXO's $11 billion all-cash hostile tender offer for Beacon Roofing Supply represents a compelling transaction with multiple favorable characteristics for shareholders:
- The $124.25 per share offer represents a substantial
37% premium to Beacon's 90-day volume-weighted average price, exceeding any historical trading level - The deal structure eliminates typical transaction risks: no financing contingencies, no due diligence conditions and expected regulatory clearance before tender expiration
- The timing advantage is significant - QXO can close quickly while Beacon's board appears to be employing delay tactics by deferring new financial projections to March 13
The board's rejection without substantive justification raises questions about their fiduciary duty to shareholders. The clean deal structure and significant premium typically generate strong shareholder support in hostile scenarios. The building materials sector has seen increasing consolidation, making strategic buyers unlikely to match QXO's premium offer given potential synergy limitations and financing constraints in the current rate environment.
The tender offer's February 24 deadline creates pressure on Beacon's board to either present a superior alternative or justify their rejection with concrete valuation analysis. Their delay in releasing new financial projections suggests possible defensive maneuvering rather than a genuine belief in higher standalone value. Given the deal certainty and premium valuation, institutional shareholders are likely to favor tendering their shares absent a credible superior alternative.
The dynamics between QXO and Beacon's board highlight critical corporate governance considerations that directly impact shareholder value. The board's rejection of a substantial premium offer without detailed justification raises significant fiduciary duty concerns:
- The decision to delay new financial projections until March 13 could be viewed as an inappropriate defensive tactic that impedes shareholders' ability to make informed decisions
- The absence of a substantive rationale for rejection, combined with the lack of an alternative strategic path, potentially conflicts with the board's duty to maximize shareholder value
- The tender offer structure empowers shareholders to override board opposition, reflecting fundamental corporate democracy principles
Delaware courts have historically scrutinized board actions that appear to prioritize entrenchment over shareholder interests. Beacon's board's current stance, without articulating a clear path to superior value, risks failing the enhanced scrutiny standard typically applied in takeover contexts. The deliberate delay in financial projection disclosure particularly warrants attention, as it could be viewed as artificially extending the timeline without serving a legitimate corporate purpose.
GREENWICH, Conn., Feb. 06, 2025 (GLOBE NEWSWIRE) -- QXO, Inc. (NYSE: QXO) today issued the following statement in response to the announcement by Beacon Roofing Supply, Inc. (Nasdaq: BECN) that its Board of Directors has rejected QXO’s all-cash
On January 27, 2025, QXO commenced a tender offer to purchase all outstanding shares of Beacon for
“Our offer provides certainty, a significant premium in cash and the ability to close quickly with no regulatory delays, financing risks or diligence conditions," said Brad Jacobs, chairman and chief executive officer of QXO. "Beacon’s filing shows no indication of an actionable third-party alternative. We have made a very compelling offer, and Beacon should let its shareholders decide what is in their best interest.”
Notably, Beacon confirmed today it would wait to announce newly constructed 2028 financial projections until March 13, more than a month from today and more than three months from its Board’s initial rejection of QXO‘s offer. There is no reason for Beacon to introduce yet another delay by waiting to disclose its newly formulated projections.
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, subject to the terms of the offer. 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 lead 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
This 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, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“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 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; the substantial indebtedness QXO expects to incur in connection with the proposed transaction 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; QXO’s ability to retain certain key employees; 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 Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully 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, as these materials 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: 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 date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants that have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.
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 the value of QXO's offer for Beacon Roofing Supply?
What premium does QXO's offer represent over Beacon's stock price?
When does QXO's tender offer for Beacon expire?
Why did Beacon's Board reject QXO's acquisition offer?
Are there any regulatory hurdles for QXO's acquisition of Beacon?
