Beacon Roofing asks shareholders to reject QXO's takeover offer

Beacon Roofing Supply

06/02/2025 14:35

Feb 6 (Reuters) - Beacon Roofing Supply  BECN.O  said on
Thursday its board had recommended shareholders reject QXO's
 QXO.N  tender offer to acquire all outstanding shares of the
company for $124.25 per share in cash.
    "QXO has failed to improve its first and only proposal,
which the Board determined significantly undervalues the company
and our prospects for growth and value creation," Beacon's board
chair Stuart Randle said in a statement.
    The roofing solutions provider had previously adopted a
poison pill to prevent a hostile takeover by QXO.
    QXO's chief executive and billionaire Brad Jacobs had taken
the tender offer directly to Beacon Roofing's shareholders in
January, after the distributor of roofing materials repeatedly
rebuffed his $11 billion takeover offer.

 (Reporting by Abhinav Parmar and Anshuman Tripathy in
Bengaluru; Editing by Tasim Zahid)
 ((Abhinav.Parmar@thomsonreuters.com;))