QXO and TopBuild report merger election results ahead of July close

QXO, Inc. (NYSE: QXO) and TopBuild Corp. (NYSE: BLD) announced the results of TopBuild stockholder elections regarding the form of merger consideration to be received in connection with QXO's acquisition of TopBuild.

The election deadline was 5:00 p.m. Eastern Time on June 29, 2026. The parties expect the transaction to close on or about July 1, 2026, subject to customary closing conditions.

Each eligible TopBuild stockholder could elect to receive, for each share of TopBuild common stock held before closing, either $505.00 in cash or 20.200 shares of QXO common stock, subject to proration procedures outlined in the merger agreement.

According to the press release, the election results were as follows:

Stockholders representing approximately 91.0% of outstanding TopBuild shares elected to receive the cash consideration. Due to proration procedures, those shares were converted into the right to receive approximately $249.71 in cash and 10.211 shares of QXO common stock per TopBuild share, subject to final calculations by the exchange agent.

Stockholders representing approximately 1.4% of outstanding shares elected to receive the stock consideration. Stockholders representing approximately 7.6% of outstanding shares did not submit a valid election by the deadline and are deemed to have elected stock consideration under the merger agreement's terms.

TopBuild stockholders who would have received a fractional share of QXO common stock will receive cash in lieu of that fractional share.

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