QXO, Inc. announced it has obtained antitrust clearance in both the U.S. and Canada for its acquisition of Beacon Roofing Supply, Inc. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired, and early termination was received from the Canadian Competition Bureau. This clearance removes a significant regulatory hurdle for the $11 billion acquisition, paving the way for QXO to close the transaction quickly.
Concurrently, QXO informed Beacon that it will propose a full slate of 10 independent director nominees for election at Beacon’s 2025 Annual Meeting of Shareholders. These nominees possess expertise in large-scale corporate transformations and the building products sector, aiming to advocate for an independent evaluation of QXO's proposal. Chairman and CEO Brad Jacobs urged Beacon to remove its shareholder-unfriendly poison pill, emphasizing QXO's readiness to complete the acquisition with committed financing in place.
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