Beacon Implements Stockholder Rights Plan Following QXO's Takeover Offer

(RTTNews) - Beacon Roofing Supply, Inc. (BECN), Tuesday announced the adoption of a limited duration stockholder rights agreement following QXO, Inc.'s (QXO) tender offer to acquire the company for $124.25 per share in cash.

The agreement intends to protect shareholders of Beacon from anyone seeking to gain control of the company without paying all stockholders an appropriate control premium.

In line with the plan, the company will issue, by means of a dividend, one preferred share purchase right for each of its outstanding share to stockholders of record as of the close of business on February 7.

The company noted that QXO's recent offer remains unchanged from its previous offer, which was rejected by the board for undervaluing the company and not being in the interests of its stakeholders.

Currently, Beacon's stock is trading at $120.07, up 0.43 percent on the Nasdaq.