Home Depot Wins the Bidding War Against QXO Inc (QXO), Acquires GMS Inc (GMS)

QXO, Inc. (NYSE:QXO) is one of the 10 Best Growth Stocks to Buy With Huge Upside Potential. On June 18, QXO, Inc. (NYSE:QXO) made an offer to acquire GMS Inc. (NYSE:GMS) for about $5 billion in cash. This was part of the company’s strategy to become a $50 billion building product distributor.

However, on June 30 GMS Inc. (NYSE:GMS) announced entering into an agreement with The Home Depot to be acquired by SRS Distribution for approximately $5.5 billion. Thereby kicking QXO, Inc. (NYSE:QXO) out of the bidding war. Home Depot will commence a cash tender offer to purchase all outstanding shares of GMS common stock for $110 per share. This will result in a deal of $4.3 billion for Home Depot or $5.5 billion including debt. The company outbid QXO, Inc.’s (NYSE:QXO) proposal of $95.20 per-share offer.

QXO, Inc. (NYSE:QXO) delivers technology solutions mainly to manufacturing, distribution, and service sector clients.

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Disclosure: None. This article is originally published at Insider Monkey.