Beacon Roofing (NASDAQ:BECN) could see other takeover offers after QXO Inc. (QXO) disclosed its  $124.25  a share offer this week, a bid that Beacon has rejected, according to a Stifel analyst. "We believe QXO will have to increase its offer to be successful via a proxy context,

Beacon Roofing Supply on Wednesday rejected a $11 billion takeover offer from QXO, a new player in the building products distribution industry, saying its proposal "significantly undervalues" the roofing material supplier.

Beacon Roofing Supply stock rose sharply on Wednesday after building-products distributor QXO made an $11 billion cash bid to acquire the company. Shares of Beacon Roofing Supply rose 10% to $120 after QXO announced it had approached the company’s board with a proposal to acquire outstanding shares for $124.

Truist Securities maintained a Hold rating and a $95.00 price target on Beacon Roofing Supply (NASDAQ:BECN) stock, despite a significant acquisition offer from QXO. According to InvestingPro data, BECN currently trades at $116,

Shares of Beacon Roofing Supply ($BECN) slipped 0.23% in after-hours trading on Wednesday after surging more than 7% earlier in the day as the company rejected an $11 billion takeover bid from QXO Inc.

Adds Beacon response. Beacon Roofing (NASDAQ:BECN) soared 10% after QXO Inc. (QXO) offered to buy the building products distributor in a deal valued at about $11 billion. QXO is offering $124.25 a share for Beacon (NASDAQ:BECN),