WASHINGTON (dpa-AFX) - Beacon Roofing Supply Inc. (BECN) issued a statement regarding QXO Inc.'s (QXO) second extension of its unsolicited tender offer to acquire all outstanding shares of Beacon common stock for $124.25 per share in cash.
For the second time, QXO has extended an offer that Beacon views as an opportunistic attempt to exploit the current macro environment and acquire the company at a discount to its intrinsic value, benefiting QXO while disadvantaging Beacon's shareholders.
Beacon said it has consistently attempted to engage with QXO to demonstrate the additional value for which QXO's initial offer does not adequately compensate shareholders. Beacon has made proposals on standard terms and even offered to engage on buyer-friendly terms, which included preserving QXO's ability to run a proxy contest at the 2025 Annual Meeting if confidential discussions could not close the valuation gap. However, QXO has repeatedly declined to receive any confidential information about Beacon and its business.
Notably, only 19.12% of shareholders tendered their shares into QXO's offer, a minimal change from the prior results. The response sends a clear message to QXO: the vast majority of Beacon shareholders are underwhelmed by QXO's offer.
Beacon noted that it remains open to considering all opportunities to maximize shareholder value. It also continues to unanimously believe that the offer significantly undervalues the company and its prospects for growth and value creation and is not in the best interests of Beacon and its shareholders.
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