By Mackenzie Tatananni
Beacon Roofing Supply stock rose sharply on Wednesday after building-products distributor QXO made an $11 billion cash bid to acquire the company.
Shares of Beacon Roofing Supply rose 10% to $120 after QXO announced it had approached the company's board with a proposal to acquire outstanding shares for $124.25 a share in cash, or $11 billion.
In a letter to Beacon's board, QXO CEO Brad Jacobs expressed his frustration with what he saw as "five months of anti-shareholder actions designed to frustrate a transaction."
Barron's reached out to Beacon Roofing Supply for comment.
"Our attempts to explore a transaction have been met by delays, cancellations, and unreasonable preconditions," QXO's Jacobs wrote in his letter. He reiterated that the company made an offer to acquire Beacon on Nov. 11, after meeting with CEO Julian Francis in July.
"The Beacon Board of Directors appears to have priorities that do not include capturing a compelling premium and creating significant, immediate value for Beacon shareholders," Jacobs continued.
QXO stock was up 0.5% to $15.45 on Wednesday. Building-material suppliers Builders FirstSource and Boise Cascade were rising 4.7% and 3.2%, respectively.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 15, 2025 09:50 ET (14:50 GMT)
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