Building-Products Distributor QXO Prepares to Nominate Directors Over Beacon Deal

QXO publishes offer to buy Beacon for $124.25 per share, says it has been rebuffed time and againQXO said Wednesday that it has secured the committed financing for a deal and is prepared to nominate directors to Beacon's board. It also said it told Beacon that the offer of $124.25 is “very close to the highest end” of what it is willing to pay.QXO, Inc. (Nasdaq: QXO) today announced that it has made public a proposal to the Board of Directors of Beacon Roofing Supply, Inc. (Nasdaq: BECN) to acquire all outstanding shares of Beacon for $124.25 per share in cash. The proposal implies a total transaction value of approximately $11 billion and a 37% premium above Beacon’s 90-day unaffected volume-weighted average price of $91.02.

“Our all-cash offer provides compelling value. We think Beacon shareholders have a right to consider our proposal, despite the attempt by Beacon’s Board of Directors to conceal it from them,” said Brad Jacobs, chairman and chief executive officer of QXO.