Beacon Roofing Supply is negotiating a potential $11 billion buyout from billionaire Brad Jacobs-run QXO, in a complete reversal after it rebuffed an earlier offer and adopted a poison pill to stave off a hostile takeover attempt.

Beacon Roofing Supply and QXO have launched discussions about a potential combination in which Brad Jacobs’ company would acquire Beacon for around $7.7 billion.

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