BLD - Quick Take - BLD/QXO Announce Stockholder Election Results for Merger

Research evidence excerpt

BLD - Quick Take - BLD/QXO Announce Stockholder Election Results for Merger

Truist Securities

Equity Research Report June 30, 2026

INDUSTRIALS: Resi/Commercial TopBuild Corp. (BLD)

Durable Goods Manufacturers

BLD - Quick Take - BLD/QXO Announce Stockholder Election

Keith Hughes Results for Merger

404-926-5032

Keith.Hughes@truist.com

Nearly All Eligible BLD Shareholders Elected to Receive Mix of Cash & Stock. In

Julian Nirmal the announcement issued this morning, shareholders representing 91% of BLD shares

404-836-4749 outstanding elected to receive a mix of cash & stock. Their shares will be converted into

Julian.Nirmal@truist.com $249.71 cash and 10.211 shares of QXO (Buy) common stock. Shareholders representing

1.4% of BLD shares outstanding elected to receive the stock consideration.

Remaining BLD Shareholders Ineligible to Receive Cash. BLD shareholders

Current Price (Jun. 29, $359.76 representing 7.6% of shares outstanding either did not make a valid election or did not vote

2026) and will be receiving entirely QXO stock. We believe this mostly consists of those who bought

Stock Rating HOLD shares yesterday in anticipation of the vote, and with trades taking 1 day to settle, they were not able to vote and were thus assigned the default option of receiving only stock. Unchanged

Price Target $440.00 Trading Yesterday All About Stock Settlement. BLD shares traded down -15% yesterday (S&P +1.3%) as the cash option was no longer applicable to buyers. Our previous note

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

Consideration For Deal did not contemplate the impact of one day settlement on BLD shares.

4 Page Document

Reasons for this report

✓ M&A Announcement

SEE PAGE 2 FOR REQUIRED DISCLOSURE INFORMATION