The merger between Beacon Roofing Supply, Inc. and QXO, Inc. seems likely, ending merger arbitrage opportunities. Click here to read why BECN stock is a Hold.

Beacon Roofing Supply is negotiating a potential $11 billion buyout from billionaire Brad Jacobs-run QXO, in a complete reversal after it rebuffed an earlier offer and adopted a poison pill to stave off a hostile takeover attempt.

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QXO Inc. (NYSE:QXO) extended its tender offer to purchase Beacon Roofing (NASDAQ:BECN) for $124.25/share  until Friday. Beacon rose 1.3% in premarket trading. QXO (NYSE:QXO) extended its offer for Beacon (NASDAQ:BECN) that was scheduled to expire on Monday,

QXO is engaging in customary due diligence regarding Beacon’s business, and QXO and Beacon are negotiating a definitive agreement.

Beacon Roofing ( NASDAQ: BECN) rose 8% after it agreed to enter talks with QXO ( QXO) for a potential deal for $124.35 per share in cash.

Beacon Roofing Supply Inc. is in talks to be bought by QXO Inc. for about $11 billion including debt after rejecting an earlier takeover approach.