11:08 AM EST, 01/15/2025 (MT Newswires) -- Beacon Roofing Supply ( BECN ) shares rose more than 9% in mid-morning trade Wednesday after QXO announced its offer to acquire Beacon for $124.25 in cash, representing a total transaction value of about $11 billion and a 14% premium to Tuesday's closing price for the stock.

In a letter sent to Beacon Chairman Stuart Randle Wednesday, QXO Chairman and Chief Executive Brad Jacobs said the buyout proposal submitted in November 2024 "provides compelling value" for investors as he urged Beacon's board to allow shareholders to review and vote on its bid.

Jacobs said he first discussed a potential deal with Beacon in July, but attempts to engage were met with "delays, cancellations and unreasonable preconditions," including a stand-still agreement barring QXO from presenting its proposal directly to Beacon shareholders.

Beacon did not immediately respond to a request for comment from MT Newswires.

QXO shares recently were slipping almost 3% in recent trading.

Price: 118.79, Change: +9.94, Percent Change: +9.13