Company: QXO-PB
Filing Date: 2025-03-05
Form Type: DFAN14A
Source: 0000950142-25-000638
Chunk: 1

Company: QXO, Inc.
Filing Date: 2025-03-05
Form: DFAN14A
Chunk 1
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. Sell-side consensus for Beacon’s Q1 EBITDA dropped from $117 million to $74 million, while Q1 revenue estimates declined from $2.0 billion to $1.83 billion. It’s understandable why Beacon feels sensitive about all this, as their weak Q4 performance missed expectations for revenue, organic growth and EBITDA, and their Q1 guidance was a whopping 40% below consensus estimates at the time. 2) Beacon attempts to portray itself as having been willing to meet with us. We’ve been trying to meet with them since July 2024! Apart from “listen-only” calls, they’ve repeatedly refused to meet with us unless we signed a standstill agreement that would have precluded QXO from letting Beacon shareholders know of our offer’s existence. I’m not sure why they continue to harp on this point, because that ship has clearly sailed. Our tender offer remains open through Monday, and we have nominated a new board slate to replace the incumbents. 3) Beacon continues to insist that our offer is too low. The market clearly disagrees, considering Beacon’s shares are trading approximately 10% below our $124.25 per share offer. Our bid is a 37% premium to Beacon’s 90-day unaffected VWAP as of November 15, 2024, the last trading day before The Wall Street Journal report regarding the potential transaction. Since the offer, the S&P 1500 Trading Companies & Distributors Index has traded down 15%, as of close of business yesterday. The median stock price of the building products subset among Beacon’s proxy peers is down even more—20%. Adjusting for market movements, Beacon’s unaffected share price could be as low as $79, if not for QXO’s offer. To learn more about QXO’s offer and to read what experts have been saying over the last week, visit: https://lnkd.in/gDETqhx8

Item 2: On March 5, 2025, QXO posted additional quotes on its website dedicated
to its offer to purchase Beacon Roofing Supply, Inc., which website is available at www.qxo.com/beacon. Copies of the quotes posted to
the website are filed herewith.