QXO Inc.'s (NYSE:QXO) CEO, Brad Jacobs, addressed Beacon (NASDAQ:BECN) employees directly in an open letter as the company continues its efforts to acquire the building products distributor. Jacobs emphasized respect for Beacon's workforce and outlined a commitment to prioritizing employee input should the takeover succeed.
In his letter, Jacobs acknowledged the challenging times of uncertainty the Beacon employees might be facing due to the potential acquisition. He assured them that their well-being and opinions would be at the forefront of QXO's plans. Jacobs stated, "If we are fortunate enough to move forward, our first priority will be listening to you."
Jacobs clarified that QXO's issue lies with decisions made at Beacon's board level, not with its employees, whose dedication he praised. He expressed his intention to conduct a "listening tour" to leverage the employees' expertise in the roofing distribution business.
The CEO also shared his vision for the company's future, seeking feedback from employees on what Beacon excels at and where there is room for improvement. He highlighted the importance of employee ideas in past acquisitions, noting that these insights have been critical to strengthening the businesses QXO has acquired.
Jacobs concluded his letter with well-wishes to the Beacon team, regardless of the acquisition's outcome, and described his leadership style as one that values questions, careful listening, and collective wisdom.
The CEO's letter comes amidst ongoing attempts by QXO to acquire Beacon for $124.25 per share in cash.
Beacon, for its part, has called the unsolicited QXO offer "an opportunistic attempt to take advantage of the current macro environment and acquire Beacon at a discount to its intrinsic value."
