QXO, Beacon Roofing Supply shares rise after $11 billion deal

Shares of building-products distributor QXO QXO.N rise 11.3% to $14.52 premarket, while Beacon Roofing Supply BECN.O gains 1.9% to $123.84

BECN has agreed to an $11 billion buyout offer from billionaire Brad Jacobs' firm QXO

QXO will pay $124.35 per share in cash, implying a ~2.3% premium over BECN's last close

QXO has withdrawn its nomination of 10 independent director nominees for election at Beacon's 2025 annual shareholders meeting

The acquisition has received antitrust clearance in the U.S. and Canada

QXO has $5 billion of cash and secured financing commitments covering the full purchase price, including debt refinancing and transaction costs

Up to last close, BECN shares up ~29.2% in the last 12 months, while QXO down ~87.9% during the period