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GREENWICH, Conn. - QXO, Inc. (NYSE: QXO) has announced the extension of its tender offer for all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) at $124.35 per share in cash. The offer, unanimously recommended by Beacon’s board of directors, will now remain open until 5:00 p.m. on April 21, 2025, New York City time. According to InvestingPro data, QXO maintains a strong financial position with more cash than debt on its balance sheet and a robust current ratio of 112.85, indicating excellent short-term liquidity.
As of 5:00 p.m. on April 11, Computershare Trust Company, N.A., the depositary and paying agent for the tender offer, reported that approximately 23.4 million shares had been tendered, constituting about 37.63% of Beacon’s issued and outstanding shares. Shareholders who have already tendered their shares need not take any further action due to this extension. InvestingPro analysis reveals that QXO’s stock has shown significant volatility with a beta of 2.13, while analysts project revenue growth of nearly 44% for fiscal year 2025.
The acquisition, which has received antitrust clearance in the U.S. and Canada, is contingent on a majority of Beacon’s shares being tendered, along with other customary closing conditions. The transaction is expected to close around the end of April.
QXO’s acquisition of Beacon Roofing Supply for an estimated $11 billion would position QXO as the second-largest distributor of roofing products in the United States. This move is part of QXO’s broader strategy to lead the $800 billion building products distribution industry. The company targets an annual revenue of $50 billion over the next decade through strategic acquisitions and organic growth. With a current market capitalization of $5.7 billion and an overall financial health score rated as "GOOD" by InvestingPro, QXO appears positioned for this ambitious expansion. Subscribers to InvestingPro can access 8 additional key insights about QXO’s financial outlook and growth potential.
The full terms and conditions of the tender offer are detailed in the offering documents filed with the Securities and Exchange Commission. Shareholders seeking assistance with tendering shares may contact the information agent for the tender offer, Innisfree M&A Incorporated, at the provided contact number.
This press release contains forward-looking statements regarding the proposed acquisition, anticipated timing of the closing, and expected benefits of the transaction. These statements are subject to various risks and uncertainties, and actual results could differ materially from those projected. Factors that could influence the outcome include, but are not limited to, the completion of the acquisition on the anticipated terms, the satisfaction of closing conditions, the impact of the pending transaction on business relationships, potential litigation or regulatory actions, and other risks detailed in QXO’s and Beacon’s SEC filings.
The information in this article is based on a press release statement.
In other recent news, QXO, Inc. reported fourth-quarter 2024 results that did not meet analyst expectations, with a reported loss of -$0.02 per share against a forecasted profit of $0.06. Revenue for the quarter was $14.74 million, slightly under the consensus estimate of $15 million. Despite the earnings miss, the company highlighted its strong balance sheet, boasting over $5 billion in cash and no debt. This financial position enables QXO to pursue acquisitions in the building products distribution industry, valued at $800 billion. Total revenue for the quarter was $14.7 million, with software product revenue increasing 7.3% year-over-year to $5 million, while service and other revenue declined 3% to $9.8 million. The company reported net income of $11.3 million for the quarter, which included $61.4 million in interest income. In a separate development, QXO announced the appointment of Deloitte & Touche LLP as its new auditor for the fiscal year ending December 31, 2025, replacing Marcum LLP. The transition is part of QXO’s ongoing efforts to enhance financial oversight and governance practices.
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