As it did two days earlier, QXO announced another one-day extension of its all-cash offer to acquire building materials distributor Beacon, now set to expire on March 19 at 5 p.m.
This is the fifth time the offer of $124.25 has been extended. It was originally set for the end of Feb. 24 before being pushed to the end of March 3, then March 10, March 14 and most recently March 18.
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QXO said the depositary and paying agent for the tender offer reported that — as of the end of business on March 18 — approximately 12.7 billion of Beacon’s shares were validly tendered and not withdrawn, representing about 20.76% of the issued and outstanding shared. This is up from the 18.3% shared two days earlier.
On March 17, QXO also shared that it entered into a purchase agreement with institutional investors for an $830 million private placement financing.
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