QXO announced Tuesday that it had again extended its tender offer for Beacon Roofing Supply after the original extension was set to expire on Monday evening.
The offer will now remain open through the evening of March 10.
QXO is attempting a hostile takeover of the building materials distributor after Beacon’s board twice rejected an $11 billion buyout bid. It has nominated a slate of director candidates to replace the current board.
QXO Chairman and CEO Brad Jacobs Tuesday said that Beacon’s chairman and chief executive had sold 21% and 10% of their shares, respectively, while the board “continues to block its own shareholders from accepting QXO’s $124.25 per share all-cash offer.”
“The board’s resistance is even more indefensible given Beacon’s weak performance [and] missing Q4 2024 expectations for revenue, organic growth and EBITDA,” Jacobs said in a statement.
Beacon responded that the offer still aims to “take advantage of the current macro environment and acquire Beacon at a discount to its intrinsic value.” Officials said that just more than 19% of Beacon shareholders had tendered their shares to date.
QXO also reported its Q4 financial results on Tuesday. The company, established last year out of the former SilverSun Technologies, posted $14.7 million in net revenue.
