Beacon Roofing Supply (BECN) on Tuesday said QXO's (QXO) unsolicited offer to acquire the company was an "opportunistic attempt" to take advantage of the current macro environment and buy the business at a discount relative to its intrinsic value.
Earlier Tuesday, QXO said it was extending its all-cash tender offer to acquire all outstanding Beacon Roofing Supply shares for $124.25 per share. The offer, initially set to expire Monday, will remain open until March 10, the company said.
Responding to the extension, Beacon Roofing said the offer did not accurately capture its business' worth and was a "detriment" to its shareholders. The company said it had repeatedly offered to engage with QXO on a potential valuation but was turned down.
According to Beacon Roofing, a little over 19% of its shareholders had tendered their shares to QXO's offer, "a small change from the tender's prior results."
"The vast majority of Beacon shareholders are underwhelmed by QXO's first and only offer," the company said in a statement.
Beacon also said its board maintains a recommendation for shareholders not to tender their shares into QXO's offer.
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