Company: QXO-PB
Filing Date: 2025-02-21
Form Type: DFAN14A
Source: 0000950142-25-000485
Chunk: 4

Company: QXO, Inc.
Filing Date: 2025-02-21
Form: DFAN14A
Chunk 4
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 campaign so far.” — RBC Capital Markets, “The Saga Continues” (2/10/2025) “Are there any other potential bidders? Our initial sense is the company has effectively been for sale for at least the last couple months, and no one has emerged, with a somewhat limited pool of potential alternatives.” — RBC Capital Markets, “Beacon Response to QXO Takeout Disclosures and Initial Investor Feedback” (1/15/2025) “[QXO's Board nominees] appear to be an extremely strong and well qualified independent slate with extensive experience, including several nominees who have shepherded companies through transformative deals. Of note, 100% of nominees have industrial experience, 80% have public board experience, 70% have building products distribution experience, 70% have been either CEOs of CFOs, and 90% have M&A experience. We also note that 4 of the 10 have a roofing background with experience at OC [Owens Corning].” — RBC Capital Markets, “QXO Formally Proposes Slate of Directors for Beacon’s AGM” (2/12/2025) “Beacon’s long-term targets need to be taken with a grain of salt.” — RBC Capital Markets, “What is Beacon Thinking?” (2/4/2025) “Beacon’s apparent reticence to sell is also not all that surprising: (1) insider stock ownership at Beacon is nearly de minimis, including at the Board level; (2) it appears half of Beacon’s 10 Board members are retired, including chairman Randle (optically suggesting increased personal incentive to retain Board membership for annual income purposes and/or “extra attention” to personal reputational risk of being out-negotiated); (3) CD&R (private equity) no longer has Board representation, having exited its position; and (4) senior management’s change of control payouts appear modest.” — Raymond James, “QXO Attempting to Acquire Beacon in Hostile $124.25 per Share Bid” (1/15/2025) “Beacon’s relatively paltry change of control compensation to management and its Board composition are such that Beacon is disincentivized to accept a takeout (by QXO or anyone else).” — Raymond James, “The QXO/Beacon Saga Continues; Beacon Adopts Poison Pill” (1/28/2025) QXO neither requested nor received