GMS Shares Surge 23% as QXO Plans $5 Billion Buyout, Home Depot May Join Bidding War

Tiger Newspress

20 Jun

GMS shares surged 23.4% in premarket trading on Friday.

Home Depot has made an offer for GMS Inc., potentially setting off a bidding war with QXO Inc. which this week made a $5 billion offer for the building-products distributor, the Wall Street Journal reported Thursday.

The offer from Home Depot, the world’s largest home-improvement retailer, is for an undetermined sum, the Journal said, citing people with knowledge of the matter.

The offer comes as QXO is proposing to buy Tucker, Georgia-based GMS for $95.20 per share in cash, according to a statement Wednesday. GMS confirmed it received the unsolicited proposal from QXO, and said its board will evaluate the offer. GMS closed Wednesday at $81.01 per share and finished last week at $76.03.

Both Home Depot and QXO are seeking to expand their share of the market for construction supplies and tools, betting a bigger entity with better technology can win business from more contractors, the Journal said.

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