Shares of GMS Inc (NYSE: GMS), a leading North American distributor of building products, surged 18.16% in Thursday's trading session following news of multiple acquisition offers. The dramatic rise in stock price comes as the company finds itself at the center of attention from two potential buyers.
According to reports from The Wall Street Journal, home improvement retail giant Home Depot has made an offer to acquire GMS Inc. While details of Home Depot's proposal were not immediately available, the news alone was enough to spark investor interest in GMS stock.
Adding to the excitement, GMS Inc confirmed that it had received an unsolicited proposal from QXO, Inc. The offer from QXO values GMS shares at $95.20 each, representing a significant premium over the company's previous closing price. In a statement, GMS announced that its board of directors will review QXO's unsolicited proposal, signaling that the company is taking the offer seriously.
The multiple acquisition offers underscore GMS Inc's strategic value in the building products distribution sector. As the situation unfolds, investors will be closely watching for any updates on negotiations or potential bidding wars between Home Depot and QXO. For now, the market's enthusiastic response reflects optimism about GMS Inc's future, whether as an independent entity or as part of a larger organization.
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