Beacon Roofing Supply announced the adoption of a limited duration stockholder rights agreement, commonly known as a poison pill, in response to QXO's hostile takeover bid. This defensive measure aims to block QXO's all-cash tender offer of $124.25 per share. The poison pill takes immediate effect, complicating QXO's direct approach to Beacon shareholders.
QXO, in turn, commented on Beacon's action, reaffirming its commitment to the $124.25 per share offer. QXO stated it has committed financing and anticipates a smooth regulatory approval process to close the transaction. QXO indicated it is prepared to take all necessary steps to complete the acquisition despite Beacon's board action, emphasizing the compelling value of its offer.
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