Bullish indicating open at $55-$60, IPO prices at $37
GREENWICH, Conn. - QXO, Inc. (NYSE: QXO), a provider of technology solutions, announced today that it has extended its tender offer to purchase all outstanding shares of Beacon Roofing Supply, Inc. (Nasdaq: BECN) at a price of $124.25 per share in cash. The offer represents a premium to Beacon’s current trading price of $118.34 and approaches the stock’s 52-week high of $121.42. The offer, previously set to expire on March 14, 2025, has been extended to March 18, 2025, at 5:00 p.m. New York City time.
As reported by Computershare Trust Company, N.A., the depositary and paying agent for the tender offer, approximately 11,293,572 shares have been validly tendered as of the original expiration date, representing about 18.34% of Beacon Roofing’s issued and outstanding shares. According to InvestingPro data, Beacon’s market capitalization stands at $7.29 billion, with the company maintaining strong liquidity as evidenced by a healthy current ratio of 1.97. Shareholders who have already tendered their shares do not need to re-tender or take any additional action due to the extension.
QXO’s acquisition move is part of its strategy to become a leading force in the $800 billion building products distribution industry. The target company has shown strong momentum, with InvestingPro data revealing a significant 36.68% price return over the past six months and annual revenue of $9.76 billion. The company aims to achieve tens of billions in annual revenue over the next decade through strategic acquisitions and organic growth. For detailed insights into Beacon’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The tender offer’s terms and conditions are detailed in the offering documents filed with the Securities and Exchange Commission (SEC). Shareholders seeking to tender their shares or requiring assistance may contact Innisfree M&A Incorporated, the information agent for the tender offer.
This extension is part of a series of strategic actions by QXO, including a proxy contest for the election of a slate of director nominees to Beacon’s Board of Directors at the 2025 Annual Meeting of stockholders.
Investors and security holders are advised to read QXO’s Tender Offer Statement on Schedule TO and Beacon’s Solicitation/Recommendation Statement on Schedule 14D-9, which contain important information about the tender offer’s terms and conditions. These documents are available for free on the SEC’s website and from the information agent for the tender offer.
The communication contains forward-looking statements, and investors are cautioned that various factors could cause actual results to differ materially from those projected in these statements. QXO does not assume any obligation to update these forward-looking statements, except as required by law.
This news article is based on a press release statement from QXO, Inc.
In other recent news, QXO, Inc. has extended its tender offer to acquire all outstanding shares of Beacon Roofing Supply at $124.25 per share in cash. This offer, which was initially set to expire on March 10, 2025, has now been extended to March 14, 2025. The extension follows significant shareholder interest, with approximately 18.05% of Beacon’s shares already tendered. Additionally, QXO is negotiating a potential $11 billion deal with Beacon Roofing Supply, and both companies are working towards finalizing a definitive agreement. In light of these discussions, Beacon has postponed its investor day originally scheduled for March 13. Meanwhile, BMO Capital Markets has adjusted its outlook on Beacon Roofing Supply, reducing the price target from $136.00 to $130.00 while maintaining an Outperform rating. Analyst Ketan Mamtora cited adverse weather and a softening housing market as factors influencing the revised target. Despite these challenges, BMO Capital continues to see value in Beacon Roofing Supply’s stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.