InsideArbitrage Event Driven Monitor – February 13, 2025

Merger Arbitrage

1. STAF: Staffing 360 (STAF) announced that it received a letter from the Nasdaq on February 11, stating that as the company was unable to cure its listing deficiency by February 10, the Nasdaq Hearings Panel has determined to delist the company. Trading in the company’s common stock will be suspended at the open of trading on February 13, 2025. Staffing 360 also added that on February 10, the stockholders voted to adjourn the Special Meeting until February 13, 2025.
2. BECN: QXO (QXO) announced that it has obtained antitrust clearance in both the U.S. and Canada for its acquisition of Beacon Roofing Supply (BECN), paving the way for QXO to close the transaction quickly. The company confirmed that the waiting period under the HSR Act has expired and that it has received early termination of the waiting period from the Canadian Competition Bureau.
3. BECN: QXO (QXO) announced that it has informed Beacon Roofing Supply (BECN) that it will propose 10 independent director nominees for election at Beacon’s 2025 Annual Meeting, aiming to replace the current Board. QXO’s chairman and CEO, Brad Jacobs, stated the nominees were selected for their expertise in corporate transformations and value creation. Beacon’s Board responded by emphasizing its strong leadership, past success in delivering over 200% shareholder returns, and ongoing execution of its Ambition 2025 plan. The Board criticized QXO’s move as an attempt to push an undervalued acquisition offer it had previously rejected. Beacon reaffirmed its commitment to maximizing shareholder value and will provide further strategic updates at its Investor Day on March 13, 2025.

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