Beacon Roofing Supply and QXO said the two sides are in discussions about a potential combination in which Brad Jacobs' company would acquire Beacon in a deal valued around $11 billion.

Beacon shares jumped 8% on the news.

The potential deal, in which QXO would pay $124.35 a share for the roofing materials and complementary building products distributor, represents a slight uptick from past offers. QXO most recently offered to acquire all shares outstanding of Beacon for $124.25 a share but had been rebuffed. QXO, a new player in building-products distribution, in January launched a tender offer to acquire Beacon and said it was prepared to nominate directors to Beacon's board.

The two sides noted that there's no guarantee that discussions will result in a deal. Beacon said it is delaying its investor day that was scheduled for Thursday.

The back-and-forth between Beacon and QXO dates back to November, when QXO first began working to acquire Beacon. Beacon has said QXO's offer undervalues the company but that it remains open to considering a deal.