Julian Francis, CEO of Beacon Roofing, discusses the company's rebuff of QXO's takeover offers, including the latest $124.25 per share offer directly to shareholders. Francis emphasizes Beacon's constructive efforts with QXO to demonstrate the company's value and growth potential, while QXO CEO Brian Jacobs maintains that the offer provides a significant premium to the unaffected share price.
In a Monday interview with CNBC's Jim Cramer, Beacon Roofing CEO Julian Francis described the company's communications with QXO, a building products distributor looking to acquire his company.
Beacon Roofing has rebuffed a few takeover offers from QXO, and on Monday the latter announced it gave an offer directly to shareholders for $124.25 in cash. "I'm not going to speculate on what the board determines the value of the company is, but what we're dealing with right now is an offer for $124.25 per share," he said."We determined at the time, the board determined at the time that that was insufficient, we went back and tried to be constructive with, with QXO.
Francis said Beacon is"in great shape," even during a tough period for the real estate industry, with a high interest rate environment and difficult commercial building landscape following the pandemic. He declined to answer directly when Cramer asked whether Beacon's value would fall if QXO ceased its acquisition efforts, but he emphasized the value of the company's business across the U.S. and Canada.
"We are in all of these communities, we're in Ashville, we're in L.A., we're in Augusta, we're in these places that get hit," he said."Our people are part of those communities, and we're very proud of the work we do, helping rebuild these communities. It's a terrific industry, it's a terrific job, we've got terrific customers, and terrific shareholders.
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