Company: QXO-PB
Filing Date: 2025-02-21
Form Type: DFAN14A
Source: 0000950142-25-000485
Chunk: 3

Company: QXO, Inc.
Filing Date: 2025-02-21
Form: DFAN14A
Chunk 3
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 Dictate Near-term Performance: Downgrade to Hold” (2/6/2025) “Feedback from investors so far suggests to us that Beacon will potentially face an uphill battle convincing shareholders that its standalone path is compelling enough to forego a QXO deal.” — RBC Capital Markets, “Beacon Response to QXO Takeout Disclosures and Initial Investor Feedback” (1/15/2025) “QXO’s offer price appears reasonable based on peers’ valuations.” — Bloomberg Law, “Beacon Roofing, UniFirst, Sage Among Top US M&A Targets: Survey” by Yiqin Shen (1/28/2025) QXO is “offering a 37% premium for a company that just hasn’t done well.” — Steve Weiss, CNBC’s Halftime Report (1/15/2025) “Should QXO pull out, Beacon shares could very likely go back down below $100.” — Loop Capital, “QXO Makes Bid for Beacon Public, PT to $127” (1/15/2025) “Prior to the WSJ report in November, Beacon was trading at ~8.8X our 2024 EBITDA estimate, a modest discount to Beacon’s long-term 9.2X multiple but a premium to the 7.3X average over the past 3 years as the industry continues comping strong storm demand, and well below the ~11.5X multiple implied by QXO’s bid.” — Wolfe Research, “QXO Announces Bid for Beacon at $124.25 Per Share” (1/15/2025) “Beacon shareholders can get a fair value and choose to buy QXO for exposure to roofing distribution and a leadership team with a long record of value creation.” — William Blair, “Thoughts on QXO’s $11 Billion Offer to Acquire Beacon” (1/15/2025) “[The HD/SRS] multiple does not consider any control premium for the Pool and Landscape businesses or the rapid growth of SRS’ Pool and Landscaping businesses. Assuming a 30% control premium for those businesses, implies HD paid closer to 12X for SRS’ Roofing business.” — Wolfe Research, “QXO Announces Bid for Beacon at $124.25 Per Share” (1/15/2025) “Our general sense has been QXO is “winning” the “hearts and minds”