Beacon Roofing Supply rejects QXO's acquisition proposal

Investing.com -- Beacon Roofing Supply (NASDAQ:BECN ) has confirmed that it previously received and turned down an unsolicited proposal from QXO to acquire the company.

The proposed purchase price was $124.25 per share, paid in cash.

The proposal was received on November 11. Beacon's management believes that the proposed acquisition price significantly undervalues the company, hence the rejection.

In addition to this, Beacon Roofing Supply has announced that it will provide its long-term financial targets for the year 2028 during its investor day, which is scheduled for March 13.

JPMorgan has been appointed as the financial adviser to Beacon Roofing Supply during this period.

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Source: Investing.com