10:16 AM EST, 01/28/2025 (MT Newswires) -- QXO (QXO) said Tuesday that Beacon Roofing Supply's ( BECN ) adoption of a stockholder rights plan is a "poison pill" intended to block QXO's acquisition offer of $124.25 a share.

Beacon said Tuesday its board approved a stockholder rights agreement designed to prevent any party from seizing control without offering a fair premium while still allowing legitimate takeover proposals to proceed. The company previously rejected QXO's offer as undervaluing the company and will issue a formal recommendation within 10 business days.

QXO said its offer marks a 37% premium to Beacon's 90-day average price as of Nov. 15 and a 26% premium to the share price before the proposal became public.

The tender offer remains open until midnight Feb. 24, QXO said.

Beacon didn't immediately respond to a request for comment from MT Newswires.

Both QXO and Beacon shares rose 0.5% in recent Tuesday trading.

Price: 13.28, Change: +0.06, Percent Change: +0.45