QXO said Monday that it has reached agreements for another $830 million in funding contingent on its acquisition of Beacon Roofing Supply.
Under the agreements, QXO would sell about 67.5 million shares of its common stock at $12.30 per share to certain “institutional investors” concurrent to the closing of a Beacon deal — including both existing and new investors.
QXO also twice extended its tender offer for Beacon this week; the companies announced last week that they had entered negotiations amid QXO’s hostile takeover bid.
QXO said in a statement Wednesday that shares representing 20.76% of Beacon’s issued and outstanding shares had been tendered as of Tuesday evening.
