QXO Stepping Up Efforts to Win Over Beacon Roofing Supply Shareholders to Buyout
QXO is intensifying efforts to convince Beacon Roofing Supply shareholders to accept its $124.25-per-share buyout offer, claiming that Beacon's board is misrepresenting the deal and undervaluing it. Beacon's board has recommended rejecting the bid, stating it undervalues the company. QXO argues that its offer is in the best interest of shareholders and urges the board to allow them to decide their financial future. In recent trading, QXO shares rose nearly 3%, while Beacon shares fell 0.2%.
QXO on Monday continued its push to persuade Beacon Roofing Supply shareholders to accept its $124.25-per-share buyout offer, arguing that Beacon's board is misrepresenting aspects of the deal and undervaluing the proposal.
Last week, Beacon's board reiterated its recommendation that shareholders reject QXO's bid, stating the offer "significantly undervalues the company and its prospects for growth and value creation."
QXO, which went public with its $11 billion all-cash offer on Jan. 15 before launching a formal tender offer nearly two weeks later, pushed back in an open letter to Beacon shareholders, saying, "QXO's offer is clear, compelling, and in shareholders' best interest. It is time for Beacon's Board to stop obstructing shareholders and let them decide their own financial future."
Beacon did not immediately respond to a request from MT Newswires seeking comment about QXO's most recent remarks.
QXO shares were up nearly 3% in recent trading while Beacon shares were 0.2% lower.
