Stock Market Today, June 30: QXO Falls After TopBuild Merger-Election Results Show Most Shareholders Opt for Cash
QXO (NYSE:QXO), a roofing and building products distributor, closed at $17.28, down 3.03%. Merger-election results for TopBuild showed most shareholders choosing cash, and investors are watching the expected July 1 close.
Trading volume reached 87.3 million shares, more than five times the three-month average of 16.3 million shares. QXO IPO'd in 2012 and has fallen 28% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.79% to 7,499, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.52% to 26,214. Among building-products distribution and roofing, waterproofing and complementary construction materials peers, Builders FirstSource (NYSE:BLDR) fell 1.16% to $89.46.
What this means for investors
Entrepreneur Brad Jacobs founded QXO to unify the $800 billion building products distribution sector while utilizing technology to boost efficiency. Jacobs also established other successful ventures, such as XPO Logistics (NYSE:XPO) , a transportation and logistics firm, and United Rentals (NYSE:URI), an equipment rental company.
Merger-election results were just announced for QXO’s latest acquisition, TopBuild (NYSE:BLD), with shareholders of both companies overwhelmingly approving all proposals required for QXO to complete its acquisition of TopBuild. That is now expected to occur on July 1.
Yet 91% of TopBuild stockholders elected to receive the cash consideration, with just 9% either opting for QXO stock or not delivering a valid election, which will result in the stock consideration.
That led to a decline in QXO shares today, though long-term shareholders should focus on how the company integrates the business and whether its expansion in scale will boost QXO’s reach in the sector.
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Howard Smith has positions in QXO. The Motley Fool has positions in and recommends QXO and TopBuild. The Motley Fool recommends XPO. The Motley Fool has a disclosure policy.
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