Company: QXO-PB
Filing Date: 2025-03-07
Form Type: DFAN14A
Source: 0000950142-25-000649
Chunk: 1

Company: QXO, Inc.
Filing Date: 2025-03-07
Form: DFAN14A
Chunk 1
---
 - QXO Unveils Slate of Directors to Replace Beacon's, Gains Antritrust Clearance

Exhibit 1:

Building-Products Distributor QXO Prepares to Nominate Directors Over Beacon Deal

Wall Street Journal

By Lauren Thomas

January 15, 2025

| § | QXO publishes offer to buy Beacon for $124.25 per share, says it has been rebuffed time and again |

QXO, a new player in building-products distribution, is turning up the
heat in its efforts to acquire Beacon Roofing Supply.

The details

QXO published a letter Wednesday detailing its cash offer of $124.25 per
share, which it says Beacon has refused to “substantially engage” on. The offer was initially submitted on Nov. 11, it said.

The Wall Street Journal reported in mid-November that QXO had privately
made an offer to acquire Beacon, which is the largest publicly traded distributor of roofing materials and complementary building products
in the U.S. and Canada.

Beacon shares had closed Tuesday at $108.85, giving the company a market
value of about $6.7 billion. The stock had run up some since the Journal’s initial report last year, and shares jumped around 10%
in early trading Wednesday.

QXO said Wednesday that it has secured the committed financing for a deal
and is prepared to nominate directors to Beacon’s board.

It also said it told Beacon that the offer of $124.25 is “very close
to the highest end” of what it is willing to pay.

Beacon said in response that it rejected the offer because it “significantly
undervalues the company and its prospects for growth and future value creation.”

The context

QXO, which has a market value of more than $6 billion, is headed by Brad
Jacobs, who has built multibillion-dollar companies in logistics and other sectors through acquisitions.

Jacobs and others agreed in late 2023 to invest roughly $1 billion into
a small, publicly traded software company—SilverSun Technologies—and renamed it QXO.

The company has yet to strike its first deal in the building-materials
space. At one point last year, it had been eyeing a deal for Paris-listed Rexel, which distributes electrical supplies for the industrials
sector, but those talks are no longer active, the Journal previously reported.

QXO also said Wednesday that it believes there are no