QXO issues a malicious acquisition offer for the Beacon ROOFIN supplier

(Bloomberg) – QXO Inc. Laipan a malicious acquisition offer to Beacon ROOFING Supply Inc.. Previously, the board of directors of Beacon ROOFING Supply Inc. rejected the acquisition offer due to the low offer.

QXO, headquartered in the United States, said in a statement on Monday that it will provide Beacon shareholders with a cash of $ 124.25 per share. Including debt, Beacon’s valuation is about $ 11 billion.

QXO CEO Brad Jacobs stated in a statement: “Our convincing offer will immediately make the cash in the hands of Beacon’s shareholders a significant premium at a relatively unfavorable stock price.”

On Friday, Beacon’s stock price closed up 1.6%in New York to $ 118.42, and the company’s market value was about $ 7.3 billion. The Wall Street Journal reported on Sunday that QXO will directly raise an acquisition offer to the Beacon shareholders.

Beacon urged investors to “do not take any action at present.” The company stated that it will release official suggestions on QXO acquisition offers within 10 working days.

This month, QXO revealed its active acquisition of Beacon’s plan. The plan proposed in November, but was rejected, because the plan underestimated the value of the company headquarters in Herneden, Virginia. Bloomberg News reported last week that Beacon has begun to solicit the interest of potential competitors to strategic and private equity acquirers.

QXO stated in a letter from the BEACON board on January 15 that the target company has always tried to defeat the transaction through “delay, cancellation and unreasonable prerequisites”. In this regard, Beacon said that after receiving the bidding in November, QXO has provided multiple opportunities for participation. The company plans to hold an investor day on March 13, when it plans to provide long -term financial goals and plan the next stage of growth.

Beacon provides commercial and residential roofs, wall boards, windows, decorations, insulation materials, special wood, waterproof and air barrier systems for commercial and residential roofs, wall boards, windows, decorations, insulation materials.

Morgan Stanley served as QXO’s financial consultant. Morgan Chase is working with Beacon.

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