Shares of Beacon Roofing Supply, Inc. (BECN) gained nearly 10% on Wednesday morning after building products distributor QXO made public its $11 billion proposal to buy Beacon Roofing Supply. The company also threatened a proxy fight after the roofing material supplier rebuffed its overture.
BECN is currently trading at $118.99, up $10.14 or 9.32%, on the Nasdaq. The stock opened its trading at $121.00 after closing Tuesday at $108.85. The stock has traded between $77.54 and $121.22 in the past 52-week period.
QXO has offered to acquire all outstanding shares of Beacon for $124.25 per share in cash. The proposal implies a total transaction value of about $11 billion and a 37% premium above Beacon's 90-day unaffected volume-weighted average price of $91.02.
The proposal implies a total transaction value of around $11 billion and a 37% premium above Beacon's 90-day unaffected volume-weighted average price of $91.02.
"Our all-cash offer provides compelling value. We believe Beacon shareholders have a right to evaluate our proposal, despite the attempt by Beacon's Board of Directors to withhold it from them," said Brad Jacobs, chairman and chief executive officer of QXO.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.