BUZZ-Beacon Roofing rejects QXO's buyout offer; shares up

Updates

Shares of Beacon Roofing Supply BECN.O up 8.5% at $118.08

Building products distributor QXO QXO.O proposes to acquire Beacon for $124.25/share in cash

*Roofing material supplier rejects the proposal citing that the offer "significantly undervalues the company"

Proposal implies a total transaction value of about $11 bln

BECN has a market capitalization of $6.74 bln, according to data compiled by LSEG

Shares of QXO down 2.4% at $15

Including session's move, BECN up ~17% YTD, while QXO shares down ~6% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))