QXO, Inc. (QXO) issued the following statement in response to the announcement by Beacon Roofing Supply, Inc. (BECN) that its Board of

Beacon Roofing Supply Inc. has officially rejected a hostile takeover approach from QXO Inc., setting the stage for a potentially protracted battle for control of the building supplies provider.

Beacon Roofing Supply said on Thursday its board had recommended shareholders reject QXO's tender offer to acquire all outstanding shares of the company for $124.25 per share in cash. Shares of Beacon were up about 1.

QXO (QXO) released a letter to Beacon Roofing Supply (BECN) shareholders regarding its $124.25 per share all-cash offer, which read in part,

Beacon Roofing (NASDAQ:BECN) was to cut to hold from buy at Stifel as a rival strategic bidder to QXO Inc. (QXO) seems unlikely. Beacon shares edged lower by ~1% on Friday. "Though the rejection of QXO’s offer was fully expected,

GREENWICH, Conn. - QXO, Inc. (NYSE: QXO), a provider of technology solutions primarily for the manufacturing, distribution, and service sectors, with a market capitalization of $5.7 billion and a strong financial health rating according to InvestingPro,

Beacon (BECN) announced that its board of directors issued its formal recommendation to shareholders regarding the unsolicited tender offer

Beacon (Nasdaq: BECN) (the "Company"), the leading publicly-traded specialty wholesale distributor of roofing, waterproofing and related exterior products, today announced that its Board of Directors (the "Board") issued its formal recommendation to shareholders regarding the unsolicited tender offer (the "Offer") from QXO,