Beacon Roofing Supply, Inc. (BECN) announced on Tuesday that it has implemented a limited duration stockholder rights agreement in response to QXO, Inc.'s (QXO) tender offer to acquire the company for $124.25 per share in cash.
This agreement is designed to safeguard Beacon's shareholders from any party attempting to take control of the company without offering all stockholders a fair control premium.
As part of the plan, Beacon will issue one preferred share purchase right per outstanding share to shareholders of record as of the close of business on February 7, effectively distributed as a dividend.
The company stated that QXO's recent proposal remains unchanged from its initial offer, which had been dismissed by the board for undervaluing the company and not serving the interests of its stakeholders.
Presently, Beacon's stock is trading at $120.07, reflecting a 0.43 percent increase on the Nasdaq.
