Company: QXO-PB
Filing Date: 2025-02-10
Form Type: DFAN14A
Source: 0001140361-25-003664
Chunk: 1

Company: QXO, Inc.
Filing Date: 2025-02-10
Form: DFAN14A
Chunk 1
---
 conveniently ignores that its share price reflects our acquisition interest following the Wall Street Journal’s November 18, 2024 report. That day, Beacon’s stock rose 9.9%, compared to a 0.4% increase in the S&P 500. Yet, Beacon compares QXO’s offer to share price metrics as of January 14, 2025—a misleading approach that distorts expectations of Beacon’s standalone value. A more appropriate analysis shows that QXO’s offer represents:

| • | A 37% premium to Beacon’s 90-day unaffected VWAP of $91.02 per share as of November 15, 2024; |

| • | A 26% premium to Beacon’s unaffected spot price of $98.75 per share as of November 15, 2024; and |

| • | A higher price than Beacon’s stock has ever traded. |

Indeed, Beacon acknowledges that November 15, 2024 is a significant date, referencing stock performance “from January 2, 2020 to November 15, 2024 (the last trading day before rumors surfaced).” Moreover, since November 15, 2024, Beacon’s Building Products Proxy Peers have lost 10.5% in value 1, making QXO’s offer even more compelling:

| • | A 41% premium to an implied spot share price of $88.42; and |

| • | A 52% premium to the peer-adjusted 90-day VWAP of $81.502. |

1Market data as of February 7, 2025. Average of building products subset of the peer list presented in Beacon’s April 2024 Proxy Statement; includes: Builders FirstSource, Boise Cascade, GMS, Pool Corp, SiteOne, WATSCO, Wesco (“Building Products Proxy Peers”) 2Based on Beacon’s unaffected share price as of November 15, 2024 and the average share price performance since November 15, 2024 for the Building Products Proxy Peers

| 2. | Data Indicates that Beacon Will Miss its Margin Targets. The Board’s Claim of Strong Performance is Flawed |

Beacon’s Board touts cherry-picked historical performance, painting a misleading picture of its track record. Consensus analysts’ estimates indicate that Beacon will miss all margin targets under its “Ambition 2025” plan. Further, Beacon’s revenue growth largely stems from extraordinary inflation and inorganic growth between 202