Beacon Board Has Unanimously Recommended That
Beacon Shareholders NOT Tender Their Shares Into QXO’s Offer
Beacon (Nasdaq: BECN) (the “Company”) today issued the following
statement regarding QXO, Inc.’s (NYSE: QXO) extension of its
unsolicited tender offer to acquire all outstanding shares of
Beacon common stock for $124.25 per share in cash and QXO’s
statement that approximately 10,685,631 shares of Beacon common
stock, which represents approximately 17.27% of all issued and
outstanding shares, have tendered into the offer:
Beacon’s Board of Directors (the “Board”) has
unanimously concluded that QXO’s unsolicited tender offer (the
“Offer”) significantly undervalues the Company and its prospects
for growth and value creation, and is not in the best interests of
Beacon and its shareholders. Beacon has a strong track record of
delivering above market growth and superior financial and
operational results through the successful execution of Ambition
2025. Having generated total shareholder returns of more than 200%
during the past five years1 under the current management team, the
Board is confident that Beacon’s standalone plan will deliver
substantially greater value than QXO’s proposal.
In addition, the fact that shareholders have
only tendered approximately 17.27% of shares reaffirms that,
consistent with the Board’s view, the Offer is at a price that the
vast majority of shareholders believe does not adequately capture
Beacon’s full intrinsic value.
We appreciate the support we have received
and continue to encourage all Beacon shareholders not to tender
their shares into the Offer. We similarly encourage those who have
tendered to withdraw their shares.
J.P. Morgan is serving as financial advisor to the Company and
its Board, and Lazard is serving as financial advisor to the Board.
Sidley Austin LLP and Simpson Thacher & Bartlett LLP are
serving as legal advisors to Beacon.
About Beacon
Founded in 1928, Beacon is a publicly-traded Fortune 500 company
that distributes specialty building products, including roofing
materials and complementary products, such as siding and
waterproofing. The company operates over 580 branches throughout
all 50 states in the U.S. and 7 provinces in Canada. Beacon serves
an extensive base of nearly 110,000 customers, utilizing its vast
branch network and service capabilities to provide high-quality
products and support throughout the entire project lifecycle.
Beacon offers its own private label brand, TRI-BUILT ®, and has a
proprietary digital account management suite, Beacon PRO+ ®, which
allows customers to manage their businesses online. Beacon’s stock
is traded on the Nasdaq Global Select Market under the ticker
symbol BECN. To learn more about Beacon, please visit
www.becn.com.
Forward-Looking Statements
This communication contains statements that may constitute
forward-looking statements. These statements include, but are not
limited to: statements related to the Company’s views and
expectations regarding the Offer; any statements relating to the
plans, strategies and objectives of management or the Company’s
Board for future operations and activities; any statements
concerning the expected development, performance, market share or
competitive performance relating to products or services; any
statements regarding current or future macroeconomic trends or
events and the impact of those trends and events on the Company and
its financial performance; and any statements of assumptions
underlying any of the foregoing. Forward-looking statements can be
identified by the fact that they do not relate strictly to historic
or current facts and often use words such as “anticipate,”
“estimate,” “expect,” “believe,” “will likely result,” “outlook,”
“project” and other words and expressions of similar meaning.
Investors are cautioned not to place undue reliance on
forward-looking statements. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors, including, but not limited to, those
set forth in the “Risk Factors” section of the Company’s Form 10-K
for the fiscal year ended December 31, 2023 and subsequent filings
with the U.S. Securities and Exchange Commission (the “SEC”). In
addition, actual results may differ materially from those indicated
in any forward-looking statements as the result of: factors
relating to the Offer, including actions taken by QXO in connection
with the Offer, actions taken by the Company or its stockholders in
respect of the Offer, and the effects of the Offer, or the
completion or failure to complete the Offer, on the Company’s
businesses, or other developments involving QXO; product shortages;
changes in supplier pricing and rebates; inability to identify
acquisition targets or close acquisitions; difficulty integrating
acquired businesses; inability to identify new markets or
successfully open new locations; catastrophic safety incidents;
cyclicality and seasonality; IT failures or interruptions,
including as a result of cybersecurity incidents; goodwill or
intangible asset impairments; disruptions in the capital and credit
markets; debt leverage; loss of key talent; labor disputes; and
regulatory risks. The Company may not succeed in addressing these
and other risks. Consequently, all forward-looking statements in
this communication are qualified by the factors, risks and
uncertainties referenced above and readers are cautioned not to
place undue reliance on forward-looking statements. In addition,
the forward-looking statements included in this communication
represent the Company’s views as of the date of this communication
and these views could change. However, while the Company may elect
to update these forward-looking statements at some point, the
Company specifically disclaims any obligation to do so, other than
as required by federal securities laws. These forward-looking
statements should not be relied upon as representing the Company’s
views as of any date subsequent to the date of this
communication.
Important Information for Investors and Stockholders
This communication does not constitute an offer to buy or
solicitation of an offer to sell any securities. The Company has
filed a solicitation/recommendation statement on Schedule 14D-9
with the SEC. Any solicitation/recommendation statement filed by
the Company that is required to be mailed to stockholders will be
mailed to stockholders. THE COMPANY’S INVESTORS AND STOCKHOLDERS
ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S
SOLICITATION/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders
may obtain a copy of the solicitation/recommendation statement on
Schedule 14D-9, any amendments or supplements thereto and other
documents filed by the Company with the SEC at no charge at the
SEC’s website at www.sec.gov. Copies will also be available at no
charge by clicking the “SEC Filings” link in the “Financials &
Presentations” section of the Company’s website,
https://ir.beaconroofingsupply.com/, or by contacting
Binit.Sanghvi@becn.com as soon as reasonably practicable after such
materials are electronically filed with, or furnished to, the
SEC.
Important Additional Information
The Company intends to file a proxy statement on Schedule 14A,
an accompanying BLUE proxy card, and other relevant documents with
the SEC in connection with such solicitation of proxies from the
Company’s stockholders for the Company’s 2025 Annual Meeting of
Stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING BLUE PROXY
CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Investors and stockholders may obtain a copy
of the definitive proxy statement, an accompanying BLUE proxy card,
any amendments or supplements to the definitive proxy statement and
other documents filed by the Company with the SEC at no charge at
the SEC’s website at www.sec.gov. Copies will also be available at
no charge by clicking the “SEC Filings” link in the “Financials
& Presentations” section of the Company’s website,
https://ir.beaconroofingsupply.com/.
Participants in the Solicitation
The Company, each of its independent directors (Stuart A.
Randle, Barbara G. Fast, Alan Gershenhorn, Melanie M. Hart, Racquel
H. Mason, Robert M. McLaughlin, Earl Newsome, Jr., Neil S. Novich,
and Douglas L. Young) and certain of its executive officers (Julian
Francis, President & Chief Executive Officer and Prithvi
Gandhi, Executive Vice President & Chief Financial Officer) are
deemed to be “participants” (as defined in Schedule 14A under the
Exchange Act of 1934, as amended) in the solicitation of proxies
from the Company’s stockholders in connection with matters to be
considered at the Company’s 2025 Annual Meeting of Stockholders.
Information about the names of the Company’s directors and
officers, their respective interests in the Company by security
holdings or otherwise, and their respective compensation is set
forth in the sections entitled “Information About our Nominees,”
“Compensation of Directors,” “Information on Executive
Compensation” and “Stock Ownership” of the Company’s Proxy
Statement on Schedule 14A in connection with the 2024 Annual
Meeting of Stockholders, filed with the SEC on April 3, 2024
(available here), the Company’s Annual Report on Form 10-K filed
with the SEC on February 28, 2024 (available here) and the
Company’s Current Report on Form 8-K filed with the SEC on April
23, 2024 (available here). Supplemental information regarding the
participants’ holdings of the Company’s securities can be found in
SEC filings on Statements of Change in Ownership on Form 4 filed
with the SEC on May 28, 2024 and May 17, 2024 for Mr. Randle
(available here and here); May 17, 2024 for Ms. Fast (available
here); May 17, 2024 for Mr. Gershenhorn (available here); May 17,
2024 for Ms. Hart (available here); May 17, 2024 for Ms. Mason
(available here); May 17, 2024 for Mr. McLaughlin (available here);
May 17, 2024 for Mr. Newsome (available here); May 17, 2024 for Mr.
Novich (available here); May 17, 2024 for Mr. Young (available
here); May 22, 2024 for Mr. Francis (available here); and August 8,
2024 and May 21, 2024 for Mr. Gandhi (available here and here).
Such filings are also available on the Company’s website at
https://ir.beaconroofingsupply.com/financials-and-presentations/sec-filings.
1 From January 2, 2020 to November 15, 2024.
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version on businesswire.com: https://www.businesswire.com/news/home/20250225587195/en/
Beacon Contacts:
Media Jennifer Lewis VP, Communications and Corporate
Social Responsibility Jennifer.Lewis@becn.com 571-752-1048
Ed Trissel / Andrea Rose Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Investors Binit Sanghvi VP, Capital Markets and Treasurer
Binit.Sanghvi@becn.com 972-369-8005
Bruce Goldfarb / Pat McHugh Okapi Partners LLC 888-785-6673
212-297-0720 info@okapipartners.com
Grafico Azioni Beacon Roofing Supply (NASDAQ:BECN)
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