{"id":10662,"date":"2025-01-16T02:11:34","date_gmt":"2025-01-16T02:11:34","guid":{"rendered":"https:\/\/cryptoopia.com\/currencies\/10662.html"},"modified":"2025-01-16T02:11:34","modified_gmt":"2025-01-16T02:11:34","slug":"beacon-roofing-rejects-qxos-11-billion-takeover-offer","status":"publish","type":"post","link":"https:\/\/cryptoopia.com\/currencies\/10662.html","title":{"rendered":"Beacon Roofing rejects QXO's $11 billion takeover offer"},"content":{"rendered":"

By Anshuman Tripathy<\/p>\n

(Reuters) -Beacon Roofing Supply on Wednesday rejected a $11 billion takeover offer from QXO, a new player in the building products distribution industry, saying its proposal “significantly undervalues” the roofing material supplier.<\/p>\n

Earlier on Wednesday, QXO CEO and billionaire Brad Jacobs made public its $124.25 per share offer for Virginia-based Beacon and threatened a proxy fight at the takeover target after months of attempting to strike a deal.<\/p>\n

QXO, which counts President-elect Donald Trump’s son-in-law Jared Kushner as a board member, is looking to enter the massive but fragmented building products distribution industry. <\/p>\n

This industry, worth $800 billion, encompasses various materials such as roofing supplies, insulation and other building components.<\/p>\n

Shares of QXO fell 1.6% in afternoon trade on Wednesday, while shares of Beacon hit a record of $121.22 but failed to hit the offer price of $124.25 per share.<\/p>\n

The offer price represents a premium of 26% to Beacon’s closing price on Nov. 15, the last trading day before reports emerged about QXO’s approach.<\/p>\n

Jacobs said he and QXO’s CFO Ihsan Essaid first approached Beacon in July and made numerous attempts to reach a deal but were met with “delays, cancellations, and unreasonable preconditions, notably a ‘long-term’ standstill”.<\/p>\n

Beacon responded on Wednesday saying it offered on “‘multiple occasions’ to engage, including to discuss price, subject only to a ‘standard non-disclosure agreement'”.<\/p>\n

“We are prepared to nominate directors to the Beacon Board. We believe your shareholders have the right to evaluate our proposal,” added Jacobs, whose net worth is pegged at $9.3 billion by Forbes.<\/p>\n

\"\u00a9<\/p>\n

Beacon, with a market value of $6.74 billion, is the largest publicly traded distributor of roofing materials and complementary building products in the U.S. and Canada, according to its website.<\/p>\n

QXO has about $5 billion of cash on hand and has secured financing commitments sufficient to pay 100% of the purchase consideration, Jacobs said.<\/p>\n

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