Beacon Roofing rejects QXO's buyout offer; shares up

Beacon Roofing Supply

15/01/2025 18:34

(Updates)
    ** Shares of Beacon Roofing Supply  BECN.O  up 8.5% at
$118.08
    ** Building products distributor QXO  QXO.O  proposes to
acquire Beacon for $124.25/share in cash
    ** Roofing material supplier rejects the proposal citing
that the offer "significantly undervalues the company" 
    ** Proposal implies a total transaction value of about $11
bln
    ** BECN has a market capitalization of $6.74 bln, according
to data compiled by LSEG
    ** Shares of QXO down 2.4% at $15 
    ** Including session's move, BECN up ~17% YTD, while QXO
shares down ~6% YTD
   

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.Chaudhary@thomsonreuters.com))