QXO Inc. (NYSE: QXO), Greenwich, Conn., announced today it is extending its all-cash tender offer to acquire all outstanding shares of Beacon Roofing Supply Inc. (Nasdaq: BECN).
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The tender offer, originally set to expire at midnight ET on Feb. 24, 2025, will remain open until 5 p.m. ET on March 3, 2025. QXO is prepared to complete the acquisition shortly after the tender expires, subject to the offer’s terms.
In response, Beacon released a statement saying that its Board of Directors has “unanimously concluded that QXO’s unsolicited tender 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.”
Beacon reported that shareholders have tendered approximately 17.27% of shares so far and encouraged the others to not tender shares into the offer; for those that had, it encouraged them to withdraw.
Beacon distributes specialty building products, including roofing materials and complementary products, such as siding and waterproofing. The company operates over 580 branches in 50 states in the U.S. and 7 provinces in Canada.
