QXO Extends Deadline For Beacon Roofing Supply Acquisition Offer

(RTTNews) - QXO, Inc. (QXO) has extended its all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. for $124.25 per share. Initially set to expire on March 3, 2025, the offer is now open until March 10, 2025. QXO is prepared to finalize the acquisition once the offer period ends, as the deal has no financing or due diligence conditions and has received antitrust clearance in both the U.S. and Canada.

QXO Chairman and CEO Brad Jacobs criticized Beacon's Board for blocking the offer despite recent insider stock sales by Chairman Stuart Randle and CEO Julian Francis at significantly lower prices. He also pointed out Beacon's underperformance, citing missed Q4 2024 expectations and a Q1 2025 EBITDA forecast 40% below consensus.

As of March 3, 2025, 19.18% of Beacon's outstanding shares (approximately 11.81 million shares) had been tendered. QXO noted the high level of shareholder participation, despite the Beacon Board's use of a poison pill strategy to resist the offer. Shareholders who have not yet tendered are encouraged to act promptly.

QXO has secured full financing for the deal through Goldman Sachs, Morgan Stanley, Citi, Crédit Agricole, Wells Fargo, and Mizuho, covering 100% of the purchase price, debt refinancing, and transaction costs.

Morgan Stanley & Co. LLC is serving as lead financial advisor, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is providing legal counsel.

QXO is currently trading at $12.87 or 4.17% on the NYSE.