(Corrects the day of QXO's response in the fourth paragraph.)
QXO (QXO) said Tuesday that its all-cash tender offer to acquire all outstanding Beacon Roofing Supply's (BECN) shares for $124.25 apiece will now expire on Monday, March 3, at 5 p.m. ET, rather than Feb. 24.
QXO said it is "confident" Beacon stockholders will "overwhelmingly support" the offer.
Separately, Beacon said QXO's unsolicited tender offer "significantly undervalues" the company and is "not in the best interests" of its shareholders. The specialty building products distributor recommended its shareholders not to tender their shares into QXO's offer.
"Beacon's board disingenuously argues that the tender result 'reaffirms' shareholder opposition to QXO's offer. In fact, Beacon's board implemented a poison pill precisely to prevent shareholders from participating in the QXO tender offer-yet they did so anyway, in remarkable numbers," a QXO spokesperson told MT Newswires on Tuesday. "If the Beacon board truly believes its own rhetoric, it should remove the poison pill, allowing Beacon shareholders to make their own choice."
QXO shares edged up 0.4% in recent Wednesday premarket activity, while Beacon stock was up 1.6%.
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