Virginia-based roofing material supplier Beacon Roofing Supply has rejected an $11 billion takeover offer from QXO, Inc., a new building products distributor looking to take advantage of the $800 billion building products distribution industry.
Despite QXO’s very public attempts to persuade Beacon’s Board of Directors, its offer of $124.25 per share was rejected on the basis that it significantly undervalued Beacon, the largest publicly traded distributor of roofing materials and related building products, which has a market value of $6.74 billion, according to its website.
