QXO said Tuesday that it would extend its tender offer for Beacon Roofing Supply that was originally slated to expire at midnight.
The company added that shares representing approximately 17.27% of Beacon’s overall total had been tendered as of Monday evening.
The offer will now remain open through the evening of March 3. QXO reiterated that it is prepared to complete its proposed takeover of Beacon “shortly after the tender expires,” subject to its terms.
“Our offer remains the only opportunity for Beacon shareholders to secure a substantial cash premium now,” said QXO Chairman and CEO Brad Jacobs. “We’re confident Beacon investors will overwhelmingly support our offer if the Beacon board removes its anti-shareholder poison pill.”
QXO made separate $11 billion offers to buy Beacon in November and January; both were rejected by Beacon’s board of directors. QXO earlier this month announced a slate of nominees to replace the current board ahead of Beacon’s 2025 shareholder meeting.
Beacon said in a statement Tuesday that the amount of shares tendered through Monday indicated that Beacon investors shared the board’s view that the offer “does not adequately capture Beacon’s full intrinsic value.”
“We appreciate the support we have received and continue to encourage all Beacon shareholders not to tender their shares into the offer,” the company said. “We similarly encourage those who have tendered to withdraw their shares.”
