Shares of Beacon Roofing Supply (
BECN
) surged about 7% amid a
market sell-off
Monday on news that the company was in discussions with technology solutions company QXO (
QXO
) to be acquired for $11 billion.
The deal would involve QXO purchasing Beacon for $124.35 per share in
cash
. Herndon, Virginia-based Beacon, which is postponing its Investor Day originally scheduled for Thursday, previously had rebuffed
acquisition
efforts from Greenwich, Connecticut-based QXO, whose shares were down nearly 2% Monday afternoon.
“QXO is engaging in customary
due diligence
regarding Beacon’s business, and QXO and Beacon are negotiating a definitive agreement,” the companies announced, adding that “there can be no assurance that these discussions will result in a transaction.”
Beacon stock has risen nearly 40% over the past 12 months, and recently traded amid Monday’s gain at $118.73, below QXO’s offer price.
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