Most TopBuild shareholders opt for cash component
QXO, Inc. (NYSE:QXO) shares climbed 8% on Tuesday after the company announced the preliminary election results for shareholders of TopBuild Corp. (NYSE:BLD) ahead of the completion of their merger.
The companies said shareholders representing approximately 91.0% of TopBuild’s outstanding shares elected to receive the cash consideration available under the transaction.
In accordance with the merger agreement’s proration provisions, those shareholders will receive approximately $249.71 in cash and 10.211 shares of QXO common stock for each TopBuild common share they own, subject to the exchange agent’s final calculations.
Election deadline passes ahead of expected closing
The election period ended at 5:00 p.m. Eastern Time on June 29, 2026. Before the deadline, TopBuild shareholders were able to choose either $505.00 in cash or 20.200 shares of QXO common stock for each TopBuild share, subject to the merger’s allocation mechanics.
Approximately 1.4% of TopBuild’s outstanding shares elected to receive stock consideration, while holders representing around 7.6% of outstanding shares did not submit a valid election before the deadline and are therefore deemed to have elected the stock option.
The companies continue to expect the acquisition to close on or around July 1, 2026, provided customary closing conditions are either satisfied or waived.
Shareholders entitled to fractional QXO shares as part of the transaction will instead receive a cash payment in lieu of those fractional shares.