QXO stock slips as TopBuild cash election turns into 313 million-share supply test
QXO, Inc. fell 3.5% to $17.19 around 11:50 a.m. EDT, after touching $19.50 earlier in the session, as the final election data for its TopBuild Corp. deal shifted attention from approval risk to share supply risk. TopBuild was down 3.5% at $347.35. Builders FirstSource, Inc., a building-products peer, was down 0.6%, while the SPDR S&P 500 ETF Trust was up 0.6%. The sharp tell was in TopBuild’s price. The stock-only consideration of 20.200 QXO shares was worth $347.24 at QXO’s late-morning price, almost the same as TopBuild’s market price. The prorated package for TopBuild holders that elected cash was worth about $425.24, made up of $249.71 in cash and 10.211 QXO shares.
