QXO is in talks to buy Beacon Roofing Supply (NASDAQ:BECN) in a deal worth about $11 billion, the companies said on Monday, after the roofing materials supplier repeatedly rebuffed an offer from billionaire Brad Jacobs’ firm.

The companies are negotiating a definitive agreement, in which QXO would acquire Beacon for $124.35 per share in cash. That is an increase of 10 cents from QXO’s previous proposal, which Beacon had rejected saying it significantly undervalued the company.

Shares of Beacon rose about 8% to $120 before the bell. The company is postponing its investor day scheduled for March 13.

QXO, a new entrant in the building products distribution industry and which counts U.S. President Donald Trump’s son-in-law Jared Kushner as a board member, in January made public its bid to buy Beacon’s outstanding shares for $124.25 apiece.

Virginia-based Beacon rejected the offer, which prompted QXO CEO Brad Jacobs to approach Beacon’s shareholders directly in a hostile takeover attempt.

Following this, Beacon had asked shareholders to reject QXO’s offer and adopted a “poison pill” defense to prevent a hostile takeover.

Last week, QXO extended the deadline for its $124.25-per-share takeover offer for a second time, which was set to expire on March 10.

QXO has proposed 10 independent director nominees to replace Beacon’s board of directors after it obtained antitrust clearance in the U.S. and Canada to acquire Beacon.