QXO seeks US$2bil in share sale
QXO chairman and CEO Brad Jacobs. — Bloomberg
NEW YORK: QXO Inc is seeking to raise US$2bil in a share sale, as the building products distributor, led by billionaire Brad Jacobs, pursues a takeover.
The Greenwich, Connecticut-based firm is marketing the shares for US$22.25 to US$23.25 each in an overnight share sale, according to people familiar with the matter, who asked not to be identified as the information isn't public.
QXO intends to use proceeds from the offering for purposes which may include funding future acquisitions, according to a statement.
The price range represents a discount of as much as 5.4% to the stock's last traded price of US$23.51 each. Its shares have climbed nearly 48% in the year-to-date period, giving the company a market value of US$13.4bil.
QXO made an unsolicited US$5bil offer for GMS Inc, and said it wouldn't raise the offer after The Wall Street Journal reported Home Depot Inc had made a rival bid.
QXO is the largest publicly traded distributor of roofing and building products in the United States. — Bloomberg
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