Company: QXO-PB
Filing Date: 2025-03-07
Form Type: DFAN14A
Source: 0000950142-25-000649
Chunk: 5

Company: QXO, Inc.
Filing Date: 2025-03-07
Form: DFAN14A
Chunk 5
---
 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
big deal.

Jacobs said in a statement Monday that Beacon would be a strong fit for
QXO.

Dealmaking in the building-materials space has been heating up. Home Depot
last March struck a more than $18 billion deal, including debt, for SRS Distribution, a Beacon competitor.

Exhibit 4:

QXO goes hostile in $11 billion takeover offer to Beacon Roofing

Reuters

By Sabrina Valle and Anshuman Tripathy

January 27, 2025

| § | Billionaire Brad Jacobs bypasses Beacon's board |

| § | Beacon says it is looking for alternative buyers to raise price |

| § | Shareholders have until Feb. 24 to tender shares |

Billionaire Brad Jacobs on Monday took his QXO (QXO.N), opens new tab $11
billion takeover offer for Beacon Roofing (BECN.O), opens new tab to shareholders, after North America's largest publicly traded distributor
of roofing materials repeatedly rebuffed his offer.

By reaching out to Beacon shareholders directly, QXO Chief Executive Brad
Jacobs effectively bypassed Beacon's board and management. His proposal was either ignored or rejected on 15 occasions between July and
December 2024, the company said in a filing, with Beacon's CEO engaging with Jacobs only once.

Beacon’s shares rose 1% to $119.55.

RBC Capital Markets analyst Michael Dahl said shareholders seem supportive
of a takeover for the proposed $124.25 per share, 4% above Monday's close and 26% above the price of the stock the day before news about
a potential deal emerged.

Without a compelling alternative, Dahl says, Beacon and QXO are more likely
than not to reach a deal.

While strategic or private equity firms could yet emerge as potential suitors,
“a bidding war seems unlikely and a proxy fight could be challenging”, said Jefferies analyst Philip Ng.

Beacon’s board, which has 10 days to respond, said it is looking
for other potential buyers to increase the price offer.

Its shareholders have until Feb. 24 to tender shares, unless QXO extends
the offer