QXO offers to buy GMS for US$5bil

The offer of US$95.20 a share represents a 27% premium to GMS’s 60-day volume-weighted average price of US$74.82. — Bloomberg

CONNECTICUT: QXO Inc has sent a letter to GMS Inc proposing to buy the building products distributor for about US$5bil.

The offer of US$95.20 a share represents a 27% premium to GMS’s 60-day volume-weighted average price of US$74.82, according to a statement Wednesday that included the letter from QXO chief financial officer Ihsan Essaid to GMS chief executive officer John Turner.