10:56 AM EST, 02/11/2025 (MT Newswires) -- (Updates with QXO's comments in seventh, eighth and ninth paragraphs.)

QXO (QXO) on Monday continued its push to persuade Beacon Roofing Supply ( BECN ) shareholders to accept its $124.25-per-share buyout offer, arguing that Beacon's board is misrepresenting aspects of the deal and undervaluing the proposal.

Last week, Beacon's board reiterated its recommendation that shareholders reject QXO's bid, stating the offer "significantly undervalues the company and its prospects for growth and value creation."

QXO, which went public with its $11 billion all-cash offer on Jan. 15 before launching a formal tender offer nearly two weeks later, pushed back in an open letter to Beacon shareholders, saying, "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."

A Beacon spokesperson told MT Newswires the company has made multiple attempts to engage constructively with QXO to share its 2028 long-term targets to no avail.

"Instead, they have refused to engage, first stating that they were not interested in receiving any confidential information and later disparaging information they have not seen," the spokesperson said in an email statement to MT Newswires.

The company added it plans to share more details about its growth strategy and long-term targets with investors at its upcoming Investor Day.

A QXO spokesperson told MT Newswires on Tuesday that Beacon's "claim that it has been willing to engage with us is flatly false."

"The company has repeatedly refused to engage unless we first sign a standstill agreement restricting our ability to communicate with shareholders. However, that point is now moot, as we have launched a tender offer," the QXO spokesperson said.

"Moreover, Beacon has yet to address any of the key concerns outlined in our recent press release. For example, its chairman and CEO recently sold significant portions of their holdings at prices well below our offer -- an offer that exceeds the highest price at which Beacon's stock has ever traded," the spokesperson added.

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