Company: QXO-PB
Filing Date: 2025-03-14
Form Type: DFAN14A
Source: 0000950142-25-000746
Chunk: 2

Company: QXO, Inc.
Filing Date: 2025-03-14
Form: DFAN14A
Chunk 2
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25 per share in cash.

Beacon, for its part, has called the unsolicited QXO offer “an opportunistic
attempt to take advantage of the current macro environment and acquire Beacon at a discount to its intrinsic value.”

Exhibit 2:

Beacon Roofing in Talks With QXO for Potential $11 Billion Deal

Bloomberg

By Maggie Eastland and David Carnevali

March 10, 2025

| § | The battle for control of Beacon has been ongoing since November. |

Beacon Roofing Supply Inc. is in talks to be bought by QXO Inc. for about
$11 billion including debt after rejecting an earlier takeover approach.

The companies said in a joint statement Monday that they are discussing
a combination in which QXO would acquire Beacon for $124.35 a share — 10 cents higher than the price Beacon rejected as undervaluing
it.

QXO and Beacon are negotiating a definitive agreement, and Beacon is postponing
an investor day that was scheduled for Thursday, according to the statement. The companies said there’s no assurance the talks will
result in a transaction.

The battle for control of Beacon, which has been ongoing since November,
accelerated this year after QXO went hostile with its offer of $124.25 a share. Beacon has solicited interest from potential rival buyers
and adopted a poison pill defense to fend off QXO. As recently as last week, Beacon advised its shareholders not to tender shares to QXO.

Herndon, Virginia-based Beacon provides commercial and residential roofing,
siding, windows, decking, insulation, specialty lumber, waterproofing and air-barrier systems to the North American building industry.
The company’s shares rose 7.8% to $119.74 at 12:16 p.m. Monday in New York trading, giving it a market value of about $7.4 billion.

If QXO reaches an agreement with Beacon, it will be the first of many acquisitions
in the building products industry, QXO spokesperson Joe Checkler said. Checkler said that the company believes it can double Beacon’s
earnings before interest, taxes, depreciation and amortization over the next five years.

“We’re highly confident that the playbook we’ve used
in the waste management, equipment rental and transportation business is completely applicable to Beacon,” Checkler said.

Exhibit 3:

QXO in talks to acquire Beacon Roofing for $11 billion and plans a digital overhaul