Company: QXO-PB
Filing Date: 2025-03-07
Form Type: DFAN14A
Source: 0000950142-25-000649
Chunk: 8

Company: QXO, Inc.
Filing Date: 2025-03-07
Form: DFAN14A
Chunk 8
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0x
premium to Beacon’s average historical next-twelve-months EBITDA multiple, providing substantial immediate cash-certain value to
shareholders.

4. If Beacon is Truly Confident in its Future, it Should Release its Projections Today

Further, these newly constructed projections will not be revealed
for another month—more than three months after Beacon’s Board first rejected QXO’s offer. Why the delay? What is Beacon
formulating in the interim? If the company had strong, credible projections, there would be no reason for such a drawn-out disclosure
process.

5. Beacon Insiders Recently Sold Shares at Prices Far Below QXO’s Offer

Since early 2024, Beacon’s Chairman and CEO have sold a
significant percentage of their shares at prices well below QXO’s $124.25 per share offer:

| · | Chairman Stuart Randle sold 20.9% of his shares at $94.80. |

| · | CEO Julian Francis sold 9.8% of his shares at $97.91. |

| · | CD&R exited its position in Beacon at $83.16 per share. |

If Beacon’s future is so bright under current management,
why are insiders selling shares sharply below QXO’s offer price?

6. Beacon’s Own Filings Suggest that No Actionable Competing Offer Exists

Beacon’s recent filings indicate no viable third-party
alternative to QXO’s premium offer. Beacon’s 14D-9 filing has not disclosed any competing offers, or even a single NDA being
signed.

QXO’s offer is clear, compelling and in shareholders’
best interest. It is time for Beacon’s Board to stop obstructing shareholders and let them decide their own financial future.

What are analysts saying?

According to a Feb. 10 analysis released by Truist Securities, Beacon will
likely not budge. At least for now. The report shares: “BECN has already rejected QXO’s offer, and we doubt anything will
change before the February 24th deadline,” as well as, “We suspect BECN’s rejection of the deal will not be changed,
and the process will come down to a vote for directors at the annual meeting.”

However, Truist’s analysts do believe QXO will ultimately win this
battle.

As the report elaborates: “With the offer at a price level BECN stock
has never traded at, we suspect that a majority of investors