CD&R Group to buy additional shares in Beacon Roofing
In a regulatory filing before the open, CD&R Boulder Holdings disclosed that on November 20 CD&R entered into a letter agreement with Beacon Roofing pursuant to which the company consented to the acquisition by the CD&R Group of additional common shares, in open market purchases or through the use of forward purchase agreements or similar programs with third party financial institutions, provided that the number of common shares so acquired by the CD&R Group, when taken together with all other common shares beneficially owned by the Group and the number of common shares issuable upon conversion of the preferred shares beneficially ownedby CD&R does not exceed 30% of the sum of the total number of outstanding common shares and the number of common shares issuable upon conversion of the preferred shares beneficially owned by the Group, determined based on the most recent public filing by the company prior to the date of the relevant acquisition of common shares by CD&R. Also on November 20, CD&R Holdings entered into an arrangement with Credit Suisse (CS), represented by Credit Suisse Securities, pursuant to which CD&R Holdings has agreed to purchase additional common shares from CS. CD&R Holdings is the beneficial owner of 10,009,019 common shares on an as-converted basis. 9,694,619 of such common shares are issuable upon conversion, based on an initial conversion price of $41.26, as adjusted, at the option of the holder, of the 400,000 preferred shares that, as of the date hereof, are held directly by CD&R Holdings.