Following the confirmation of negotiation talks between both companies, QXO extended the deadline on its all-cash tender offer to acquire Beacon Roofing Supply to March 18 at 5 p.m. ET. Meanwhile, it has raised another significant amount of capital.
This is the fourth time the offer deadline has been extended. It was originally set for the end of Feb. 24 before pushing to the end of March 3, then March 10 and most recently March 14.
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The release says the offer is for $124.25 per share, whereas the March 10 announcement — in which both companies said they were toward a deal — said it was for 10 cents higher at $124.35. A QXO spokesperson told MDM that the deal is being negotiated for $124.35 per share.
QXO said the Computershare Trust Company — the depositary and paying agent for the tender offer — reported that approximately 11.2 billion of Beacon’s shares were validly tendered and not withdrawn, representing about 18.34% of the issued and outstanding shares.
New Private Placement Funding
Also on March 17, QXO shared that it has entered into purchase agreements with institutional investors for an $830 million private placement financing, which is contingent upon “the concurrent consumption” of the company’s offer to buy Beacon. In the new placement, QXO will sell about 67.5 million shares of its common stock at $12.30 per share. Both existing and new investors participated.
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On March 7, Brad Jacobs penned an open letter to Beacon Staff that he shared on LinkedIn. The letter outlined the value QXO sees in Beacon’s staff, noting the experience that attracted QXO to pursue it.
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