Bullish indicating open at $55-$60, IPO prices at $37
GREENWICH, Conn. - QXO, Inc. (NYSE: QXO), a company specializing in technology solutions, has announced the extension of its tender offer for the acquisition of Beacon Roofing Supply, Inc. (NASDAQ: BECN). Initially set to expire on March 19, 2025, the all-cash tender offer will now remain open until March 31, 2025, at a revised price of $124.35 per share. The offer price represents a premium to Beacon’s current market value of $7.48 billion, with the stock trading at $121.53, near its 52-week high of $122.22. According to InvestingPro analysis, Beacon’s shares appear slightly overvalued at current levels.
As of the original expiration date, approximately 12.2 million shares had been tendered, representing about 19.71% of Beacon’s outstanding shares. Shareholders who have already tendered their shares do not need to respond to the extension. Those seeking assistance with the tender process can reach out to Innisfree M&A Incorporated, the information agent for the offer.
The tender offer is part of a definitive merger agreement between QXO and Beacon, which is detailed in the offering documents filed with the Securities and Exchange Commission. The terms and conditions of the offer remain unchanged except for the amended offer price. InvestingPro data shows Beacon maintains a healthy financial position with a current ratio of 1.97, indicating strong liquidity to meet short-term obligations.
QXO provides consulting and professional services, including specialized programming, training, and technical support, as well as proprietary software development. It also operates as a value-added reseller of business application software, offering solutions for accounting, financial reporting, enterprise resource planning, and other applications. With ambitions to become a leader in the building products distribution industry, QXO aims for substantial revenue growth through acquisitions and organic expansion. Beacon’s impressive 41.58% price return over the past six months, as reported by InvestingPro, suggests strong market confidence in the company’s prospects.
The completion of the proposed acquisition is subject to customary closing conditions. Interested parties can find more details about the tender offer in the relevant SEC filings.
This news is based on a press release statement from QXO, Inc.
In other recent news, QXO, Inc. has extended its tender offer to purchase all outstanding shares of Beacon Roofing Supply, Inc. for $124.25 per share in cash. This extension is part of ongoing negotiations for a potential $11 billion acquisition deal between the two companies. As of the latest reports, approximately 20.76% of Beacon’s shares have been tendered. The offer, originally set to expire on March 10, 2025, has seen multiple extensions, now set to close on March 19, 2025. The negotiations have also led Beacon to delay its investor day, initially scheduled for March 13. The terms and conditions of the tender offer are detailed in documents filed with the Securities and Exchange Commission. Shareholders who have already tendered their shares are not required to take further action due to the extensions. This acquisition move is part of QXO’s broader strategy to achieve significant revenue growth through strategic acquisitions in the building products distribution industry.
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