Company: QXO-PB
Filing Date: 2025-03-10
Form Type: DFAN14A
Source: 0000950142-25-000710
Chunk: 2

Company: QXO, Inc.
Filing Date: 2025-03-10
Form: DFAN14A
Chunk 2
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 Home Depot last March struck a more than $18 billion deal, including debt, for SRS Distribution, a Beacon competitor.

QXO has said that an acquisition of Beacon shouldn’t face any significant
antitrust or regulatory issues.

Beacon Roofing shares were up 8.4% to $120.50 in premarket trading Monday,
while QXO shares were up 3% to $13.78.

Exhibit 4:

QXO and Beacon engage in talks

HBSDealer

By HBSDealer Staff

March 10, 2025

| § | Joint announcement briefly describes a ‘potential combination.’ |

Early Monday, Beacon and QXO released the following joint announcement:

“QXO, Inc. (NYSE:QXO) and Beacon Roofing Supply, Inc. (Nasdaq:
BECN) confirmed today that they are in discussions about a potential combination in which QXO would acquire Beacon for $124.35 per share
in cash, or total consideration of approximately $11 billion.

“QXO is engaging in customary due diligence regarding Beacon’s
business, and QXO and Beacon are negotiating a definitive agreement. Beacon is postponing its Investor Day, which had been scheduled for
March 13, 2025.

“There can be no assurance that these discussions will
result in a transaction.”

The announcement is the latest friendly turn to a weeks-long hostile takeover
attempt by QXO, led by billionaire entrepreneur Brad Jacobs. Over the course of his career, Jacobs has completed approximately 500 acquisitions,
raised over $40 billion in institutional capital, and created organizations that have emphasized technology as a competitive advantage.

The $124.35 per share figure in the announcement is 10 cents above QXO’s
original offer made back in November. It’s not a done deal, but if it were, then it would be described as an $11 billion deal.

“If we come to an agreement with Beacon, we expect it to be the first
of many acquisitions for QXO,” said Joe Checkler, a spokesman for QXO. “It will put us on a pathway to our stated goal of
$50 billion in revenue.”

Beacon, based in Herndon, Virginia, operates more than 580 branches in
all 50 states in the U.S and 7 provinces in Canada. QXO sees it as an ideal target, as it is the second largest distributor of roofing
products in the U.S. In