Beacon (BECN) announced that its board of directors issued its formal recommendation to shareholders regarding the unsolicited tender offer from QXO (QXO) to acquire all outstanding shares of Beacon common stock for $124.25 per share in cash. The board, after consultation with its independent financial and legal advisors, unanimously determined that the offer undervalues the company and its prospects for growth and value creation and is not in the best interests of Beacon and its shareholders. Beacon notes that QXO’s offer price of $124.25 per share in cash remains unchanged from its November 11, 2024 proposal, which was made public on January 15. Subsequently, the board thoroughly re-evaluated the November 11, 2024 proposal and unanimously rejected it. Accordingly, the board unanimously recommends that shareholders not tender into the offer.
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