Topbuild Corp

QXO shares fell 3.03% to close at $17.28 after merger-election results for its acquisition of TopBuild showed 91% of TopBuild stockholders elected to receive cash consideration, with only 9% opting for stock or not delivering a valid election. Trading volume surged to 87.3 million shares, more than five times the three-month average of 16.3 million shares. The acquisition is expected to close on July 1, with shareholders of both companies overwhelmingly approving all required proposals. QXO, founded by entrepreneur Brad Jacobs to unify the $800 billion building products distribution sector, has fallen 28% since its 2012 IPO.

QXO announced the expiration and final results of its cash tender offers and consent solicitations for all of TopBuild Corp.'s outstanding 4.125% Senior Notes due 2032 and 5.625% Senior Notes due 2034. As of the June 29, 2026 expiration, approximately 99.54% of the $500 million 2032 Notes and 99.75% of the $750 million 2034 Notes were validly tendered. The company accepted all validly tendered notes, with settlement expected on July 1, 2026, contingent upon the closing of QXO's acquisition of TopBuild. Holders who tendered by the early deadline of June 11 received $1,011.25 per $1,000 principal amount, while later tenders received $961.25 per $1,000, plus accrued interest in each case. Sufficient consents were received to adopt amendments eliminating change of control offers, most restrictive covenants, certain defeasance conditions, and most events of default, with supplemental indentures becoming operative at settlement. TopBuild also issued conditional redemption notices for any remaining notes at the early tender price, conditioned on the tender offers' consummation.

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