BUZZ-QXO, Beacon Roofing Supply shares rise after $11 billion deal

Reuters
03-20
BUZZ-QXO, <a href="https://laohu8.com/S/BECN">Beacon Roofing Supply</a> shares rise after $11 billion deal

** Shares of building-products distributor QXO QXO.N rise 11.3% to $14.52 premarket, while Beacon Roofing Supply BECN.O gains 1.9% to $123.84

** BECN has agreed to an $11 billion buyout offer from billionaire Brad Jacobs' firm QXO

** QXO will pay $124.35 per share in cash, implying a ~2.3% premium over BECN's last close

** QXO has withdrawn its nomination of 10 independent director nominees for election at Beacon's 2025 annual shareholders meeting

** The acquisition has received antitrust clearance in the U.S. and Canada

** QXO has $5 billion of cash and secured financing commitments covering the full purchase price, including debt refinancing and transaction costs

** Up to last close, BECN shares up ~29.2% in the last 12 months, while QXO down ~87.9% during the period

(Reporting by Rishi Kant in Bengaluru)

((Rishi.Kant@thomsonreuters.com))

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