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Beacon Roofing Supply, Inc. (NASDAQ:BECN) stock is trading higher on Monday. The company announced QXO, Inc. (NYSE:QXO) may potentially acquire it for $124.35 per share in cash or a total consideration of approximately $11 billion.
QXO is conducting customary due diligence regarding Beacon’s business and negotiating a definitive agreement with Beacon.
In January, QXO revealed its intention to make an all-cash tender offer for Beacon Roofing Supply, with a total value estimated at around $11 billion.
Notably, Beacon has postponed its Investor Day, which was originally set for March 13, 2025.
In a separate release, Beacon disclosed a strategic investment and partnership with Renovate Robotics for an undisclosed amount.
Renovate Robotics is developing autonomous roofing robots to enhance safety and productivity for contractors.
Their first robot, Rufus, installs asphalt shingles on residential roofs and will launch with contractors in New Jersey and Pennsylvania later this year.
Julian Francis, Beacon’s President and CEO, said, “Renovate Robotics’ mission perfectly aligns with Beacon’s focus on safety and efficiency, and we look forward to incorporating their advanced robotic technology across our network to better serve our contractor customers.”
Investors can gain exposure to the BECN via First Trust Dorsey Wright Momentum & Value ETF (NASDAQ:DVLU) and JPMorgan Fundamental Data Science Small Core ETF (NASDAQ:SCDS).
Price Action: BECN shares are up 7.7% at $119.66 at the last check Monday.
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