\nBeacon (Nasdaq: BECN) (the \u201cCompany\u201d) today issued the following statement regarding QXO, Inc.\u2019s (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\u2019s 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:<\/p>\n
Beacon\u2019s Board of Directors (the \u201cBoard\u201d) has unanimously concluded that QXO\u2019s unsolicited tender offer (the \u201cOffer\u201d) 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<\/sup> under the current management team, the Board is confident that Beacon\u2019s standalone plan will deliver substantially greater value than QXO\u2019s proposal.<\/i><\/p>\n In addition, the fact that shareholders have <\/i>only <\/i>tendered approximately 17.27% of shares reaffirms that, consistent with the Board\u2019s view, the Offer is at a price that the vast majority of shareholders believe does not adequately capture Beacon\u2019s full intrinsic value.<\/i><\/p>\n 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.<\/i><\/p>\n \nJ.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.<\/p>\n About Beacon<\/b><\/p>\n \nFounded 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 \u00ae, and has a proprietary digital account management suite, Beacon PRO+ \u00ae, which allows customers to manage their businesses online. Beacon\u2019s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com<\/a>.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis communication contains statements that may constitute forward-looking statements. These statements include, but are not limited to: statements related to the Company\u2019s views and expectations regarding the Offer; any statements relating to the plans, strategies and objectives of management or the Company\u2019s 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 \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cwill likely result,\u201d \u201coutlook,\u201d \u201cproject\u201d 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 \u201cRisk Factors\u201d section of the Company\u2019s Form 10-K for the fiscal year ended December 31, 2023 and subsequent filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d). 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\u2019s 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\u2019s 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\u2019s views as of any date subsequent to the date of this communication.<\/p>\n Important Information for Investors and Stockholders<\/b><\/p>\n \nThis 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\u2019S INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S 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\u2019s website at www.sec.gov<\/a>. Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials & Presentations\u201d section of the Company\u2019s website, https:\/\/ir.beaconroofingsupply.com\/<\/a>, or by contacting Binit.Sanghvi@becn.com<\/a> as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.<\/p>\n Important Additional Information<\/b><\/p>\n \nThe 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\u2019s stockholders for the Company\u2019s 2025 Annual Meeting of Stockholders. THE COMPANY\u2019S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S 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\u2019s website at www.sec.gov<\/a>. Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials & Presentations\u201d section of the Company\u2019s website, https:\/\/ir.beaconroofingsupply.com\/<\/a>.<\/p>\n Participants in the Solicitation<\/b><\/p>\n \nThe 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 \u201cparticipants\u201d (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company\u2019s stockholders in connection with matters to be considered at the Company\u2019s 2025 Annual Meeting of Stockholders. Information about the names of the Company\u2019s 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 \u201cInformation About our Nominees,\u201d \u201cCompensation of Directors,\u201d \u201cInformation on Executive Compensation\u201d and \u201cStock Ownership\u201d of the Company\u2019s Proxy Statement on Schedule 14A in connection with the 2024 Annual Meeting of Stockholders, filed with the SEC on April 3, 2024 (available here<\/a>), the Company\u2019s Annual Report on Form 10-K filed with the SEC on February 28, 2024 (available here<\/a>) and the Company\u2019s Current Report on Form 8-K filed with the SEC on April 23, 2024 (available here<\/a>). Supplemental information regarding the participants\u2019 holdings of the Company\u2019s 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<\/a> and here<\/a>); May 17, 2024 for Ms. Fast (available here<\/a>); May 17, 2024 for Mr. Gershenhorn (available here<\/a>); May 17, 2024 for Ms. Hart (available here<\/a>); May 17, 2024 for Ms. Mason (available here<\/a>); May 17, 2024 for Mr. McLaughlin (available here<\/a>); May 17, 2024 for Mr. Newsome (available here<\/a>); May 17, 2024 for Mr. Novich (available here<\/a>); May 17, 2024 for Mr. Young (available here<\/a>); May 22, 2024 for Mr. Francis (available here<\/a>); and August 8, 2024 and May 21, 2024 for Mr. Gandhi (available here<\/a> and here<\/a>). Such filings are also available on the Company\u2019s website at https:\/\/ir.beaconroofingsupply.com\/financials-and-presentations\/sec-filings<\/a>.<\/p>\n 1<\/sup> From January 2, 2020 to November 15, 2024.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250225587195\/en\/<\/a><\/span><\/p>\n Beacon Contacts:<\/b><\/p>\n Media \nEd Trissel \/ Andrea Rose Investors \nBruce Goldfarb \/ Pat McHugh KEYWORDS:<\/b> Virginia United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Professional Services Other Professional Services Other Construction & Property Manufacturing Construction & Property Other Manufacturing Machinery<\/p>\n<\/p>\n
\n<\/b>
Jennifer Lewis
\n
VP, Communications and Corporate Social Responsibility
\n
Jennifer.Lewis@becn.com
\n<\/a>
571-752-1048<\/p>\n
\n
Joele Frank, Wilkinson Brimmer Katcher
\n
212-355-4449<\/p>\n
\n<\/b>
Binit Sanghvi
\n
VP, Capital Markets and Treasurer
\n
Binit.Sanghvi@becn.com
\n<\/a>
972-369-8005<\/p>\n
\n
Okapi Partners LLC
\n
888-785-6673
\n
212-297-0720
\n
info@okapipartners.com<\/a><\/p>\n
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