QXO - Quick Take - BLD/QXO Approve Deal; Shares Anticipate Heavy Vote For Stock Consideration For Deal

Research evidence excerpt

QXO - Quick Take - BLD/QXO Approve Deal; Shares Anticipate Heavy Vote For Stock Consideration For Deal

Truist Securities

Equity Research Report June 29, 2026

INDUSTRIALS: Distributors QXO, Inc. (QXO)

QXO - Quick Take - BLD/QXO Approve Deal; Shares Anticipate Keith Hughes

404-926-5032 Heavy Vote For Stock Consideration For Deal

Keith.Hughes@truist.com

Julian Nirmal Summary. Today has seen some volatile trading on both stocks despite the QXO deal

404-836-4749 to acquire TopBuild (BLD, Hold) being approved by both boards in a vote this morning.

Julian.Nirmal@truist.com BLD shareholders get a vote on either cash or stock with the former capped at 45% of

total consideration. A maximum cash component would result in roughly $424 of total value

at QXO share price while a total stock deal would be current BLD trading levels. BLD

shareholders have until 5pm to make their selection with the announcement coming some

Current Price (Jun. 26, $17.78 time after. 2026)

Stock Rating BUY Both Boards Approve Deal. In a press release about midday, QXO and BLD announced that shareholders for both companies approved the acquisition of the latter to be completed Unchanged

on July 1. About 99% of votes cast by QXO were for the deal while 78% of those cast at

Price Target $26.00 BLD approved the acquisition.

Unchanged Question Now Shifts to Cash Component of Offer. BLD Investors could choose either

$505 in cash or 20.2 QXO shares per BLD shares. However, the amount of cash in the

deal is capped at 45% with the rest paid in shares. This would indicate roughly $424 of total

consideration at current QXO prices. A choice for all shares would result in roughly $357 4 Page Document

of QXO stock

Reasons for this report

✓ M&A Announcement

SEE PAGE 2 FOR REQUIRED DISCLOSURE INFORMATION