Company: QXO-PB
Filing Date: 2025-03-07
Form Type: DFAN14A
Source: 0000950142-25-000649
Chunk: 2

Company: QXO, Inc.
Filing Date: 2025-03-07
Form: DFAN14A
Chunk 2
---
 other interested
buyers for Beacon at this time.

The window for shareholder nominations at Beacon ends on Feb. 14, according
to the company’s proxy materials.

Exhibit 2:

When Brad Jacobs Talks, Investors Should Pay Attention

Bloomberg Opinion

By Thomas Black

January 16, 2025

| § | The billionaire is taking his offer for Beacon Roofing Supply directly to shareholders. Previous ones 
 have not been disappointed.                                                                           |

More than two years ago, billionaire Brad Jacobs announced plans to start
a new roll-up venture after a move in 2022 to break into three parts XPO, the logistics company that he built through acquisitions to
reach as much as $17 billion in sales from $160 million in a little more than a decade.

Investors were beginning to wonder what was taking Jacobs so long to pull
the trigger on his first target, which Jacobs said in 2023 would be in the building materials market. Jacobs took over the listing of
a dormant company to form QXO Inc., which by last July had lined up private financing, including from Jared Kushner’s Affinity Partners,
to give it firepower of $5 billion in cash and no debt to hunt for targets.

Now we know why Jacobs has been taking so long on QXO’s initial deal.
Jacobs’ offer to purchase Beacon Roofing Supply Inc. in November was rebuffed by management. In an unusual move for Jacobs, he decided
on Wednesday to go hostile and take his deal directly to shareholders.

The cash offer of $124.25 a share is too low, Beacon said in a statement.
The company disputed QXO’s assertion that Beacon was unwilling to engage and said that QXO wouldn’t accept a “standard”
nondisclosure agreement to hold further talks. QXO said in a letter to Chairman Stuart Randle that Beacon had conditioned talks on an
“onerous standstill structure” that would delay the transaction.

“We believe your shareholders have the right to evaluate our proposal,”
Jacobs said in the letter.

Beacon shareholders certainly know about the offer now. On the last trading
day before the deal was proposed on Nov. 11, the offer had a 20% premium on Beacon’s share price of $103.25. The Wall Street Journal
reported the offer on Nov. 18 but without the price. After QXO revealed the offer price and potential proxy battle on Wednesday, the shares
spiked as high as $121.22 before