(RTTNews) - Beacon Roofing Supply, Inc. (BECN) Tuesday responded to QXO, Inc.'s (QXO) decision to extend its unsolicited tender offer to acquire all outstanding Beacon shares for $124.25 per share in cash.
QXO reported that approximately 10.7 million shares, or 17.27 percent of Beacon's outstanding shares, have been tendered.
Beacon's Board of Directors unanimously rejected the offer, stating it undervalues the company and its growth potential. The Board emphasized its confidence in the company's standalone strategy, citing over 200 percent shareholder returns in the past five years. Beacon urged shareholders not to tender their shares and to withdraw any previously tendered shares.
BECN is currently trading at $116.69 up 1.10 percent or $1.27 on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
