Jun. 20 at 1:12 PM
$QXO $GMS $HD Home Depot Eyes GMS in Building Products Push
Home Depot (HD) has reportedly made a bid to acquire building-products distributor GMS (GMS), per the Wall Street Journal, just a year after its
$18.25B acquisition of SRS Distribution. The move follows a $ 5B unsolicited offer for GMS by QXO Inc. on Wednesday.
While HD hasn’t disclosed its offer price, QXO’s bid was
$95.20/share, a 17.5% premium over GMS's prior close, valuing the deal at $ 5B including debt. GMS surged 27.2% premarket, above QXO’s offer, signaling expectations of a bidding war. QXO rose 0.8%.
GMS operates 320 distribution centers and ~100 tool locations; HD’s SRS unit runs 760 sites across 47 states.
Year-to-date:
HD is down 10.8%
LOW down 14.6%
QXO up 41.5%
SPX up 1.7%
