By Connor Hart
Building-products distributor QXO is seeking to fully replace Beacon Roofing Supply's board after the roofing-materials company repeatedly rebuffed its acquisition offers.
QXO said Wednesday that it will propose 10 independent director nominees at Beacon's annual shareholder meeting this year.
"If elected, our nominees would give Beacon's shareholders a direct voice in advocating for an independent evaluation of QXO's proposal," Chief Executive Brad Jacobs said.
Beacon responded to QXO's proposal, stating that the company's board remains open to considering all opportunities to maximize shareholder value.
"QXO's director nominations appear to be an attempt to pressure Beacon's Board into accepting an unchanged offer price that significantly undervalues Beacon's prospects for growth and value creation, which the Board previously rejected," the company said.
Last month, Greenwich, Conn.-based QXO launched a tender offer to acquire Beacon, valuing the company at $7.7 billion, or roughly $11 billion including debt. It offered to buy all of Beacon's outstanding shares for $124.25 apiece. That offer followed a private purchase offer in mid-November.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 12, 2025 17:49 ET (22:49 GMT)
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