Beacon Roofing asks shareholders to reject QXO's takeover offer (updated)

Beacon Roofing Supply

06/02/2025 16:34

(Adds shares in paragraph 2, statement from QXO in paragraph 5)
       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.
    Shares of Beacon were up about 1.8% in morning trade. 
    "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.
    "Beacon's filing shows no indication of an actionable
third-party alternative," QXO CEO Brad Jacobs said. "We have
made a very compelling offer, and Beacon should let its
shareholders decide what is in their best interest." 
    QXO's chief executive and billionaire Jacobs took 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 and Mohammed Safi Shamsi)
 ((Abhinav.Parmar@thomsonreuters.com;))