- Beacon Roofing Supply Inc.
- 10 March 2025 13:06:41
Source: Sharecast
After having turned down two previous advances, Beacon said was now "in discussions" with QXO after the latter raised its offer price to $124.35 per share.
That's just 10 cents more than the previous unsolicited proposal, which Beacon last week deemed "opportunistic" as it "significantly undervalues the company and its prospects for growth and value creation".
The company said on 4 March that just 19.1% of its shareholders tendered their shares into QXO's first offer.
Virginia-based Beacon, which has been around for nearly 100 years, is one of North America's largest distributors of commercial and residential roofing products, waterproofing and related exterior products.
In a joint statement on Monday, the companies said: "QXO is engaging in customary due diligence regarding Beacon’s business, and QXO and Beacon are negotiating a definitive agreement.
"There can be no assurance that these discussions will result in a transaction."
Beacon, which was supposed to have an investor day on Thursday, has postponed the event until a later date.
Beacon futures were up nearly 9% at $120.60 by 0857 in New York, while QXO was rising more than 3% to $13.82.