QXO planning to launch hostile bid for Beacon Roofing- WSJ

Investing.com–  Building products distributor QXO Inc (NYSE:QXO) is planning to launch a hostile bid for Beacon Roofing Supply Inc (NASDAQ:BECN) by approaching shareholders directly, the Wall Street Journal reported on Sunday.

The hostile bid could be launched by as soon as Monday and will offer Beacon shareholders $124.25 per share- the same price QXO had previously offered, the WSJ report said, citing people familiar with the matter. The offer values Beacon at about $7.7 billion- higher than Beacon’s close of $118.42 on Friday, which valued the firm at around $7.3 billion. 

The move comes after QXO was rebuffed repeatedly by Beacon over a potential takeover. QXO had initially bid for Beacon in November 2024, which Beacon rejected for undervaluing the firm. 

Beacon is the largest publicly listed distributor of roofing materials, and has the potential to complement QXO’s business. QXO recently said it had secured funding for the deal, and that its offer was compelling for Beacon shareholders.