Bullish indicating open at $55-$60, IPO prices at $37
GREENWICH, Conn. - QXO, Inc. (NYSE: QXO) has announced the extension of its tender offer for the acquisition of all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) at a price of $124.25 per share in cash, representing a premium to the current trading price of $118.52. The offer, previously set to expire on March 10, 2025, has been extended to March 14, 2025, at 5:00 p.m. New York City time. According to InvestingPro data, BECN shares have shown remarkable strength, delivering a 47.74% return over the past six months and currently trading near their 52-week high of $121.42.
As of the original expiration date, approximately 11.1 million shares had been tendered, accounting for about 18.05% of Beacon Roofing’s issued and outstanding shares. With a market capitalization of $7.3 billion and a strong financial health rating according to InvestingPro, Beacon Roofing maintains solid fundamentals, including a healthy current ratio of 1.97, indicating strong liquidity. Shareholders who have already tendered their shares do not need to take any further action due to this extension.
The tender offer is detailed in the offering documents filed with the Securities and Exchange Commission, which shareholders are urged to read carefully. Computershare Trust Company, N.A. serves as the depositary and paying agent for the tender offer, and Innisfree M&A Incorporated is the information agent. Shareholders may contact Innisfree M&A Incorporated for assistance with tendering shares.
QXO specializes in technology solutions for the manufacturing, distribution, and service sectors, providing consulting and professional services, specialized programming, training, technical support, and proprietary software development. The company is also a value-added reseller of business application software, with a focus on accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence, and other applications. QXO aims to become a leader in the building products distribution industry, targeting significant revenue growth through acquisitions and organic expansion.
The information provided in this announcement is based on a press release statement from QXO, Inc. and is intended for informational purposes only. It does not constitute an endorsement of the tender offer or a solicitation to sell Beacon securities. Investors and security holders are advised to read the SEC filings related to the tender offer, which can be obtained free of charge from the SEC’s website or the information agent.
In other recent news, QXO is actively negotiating an $11 billion acquisition of Beacon Roofing Supply, with both companies confirming the discussions. This prospective deal has prompted Beacon to delay its planned investor day. Meanwhile, QXO has extended its tender offer for Beacon’s shares, originally set to expire on March 3, 2025, now open until March 10, 2025, amid resistance from Beacon’s Board. Despite this, QXO has secured full financing commitments and obtained antitrust clearance in the U.S. and Canada.
On the analyst front, BMO Capital Markets has adjusted its price target for Beacon Roofing Supply from $136 to $130, while maintaining an Outperform rating. The firm cited a sluggish start to 2025 due to adverse weather and a softening housing market. In contrast, Benchmark analysts have maintained a Buy rating with a price target of $140, acknowledging Beacon’s record fourth-quarter results with a 4.5% increase in net sales and a 2.7% rise in adjusted EBITDA. Despite the challenging economic conditions, Beacon’s outlook remains positive, driven by recent acquisitions and greenfield projects.
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