India, June 19 -- GMS Inc. (GMS), a specialty building products distributor, confirmed Thursday that it has received an unsolicited takeover proposal from QXO, Inc. (QXO) for $95.20 per share in cash.
The company said its Board of Directors, in consultation with its independent legal and financial advisors, will carefully review and evaluate the unsolicited proposal to determine the course of action.
QXO on Wednesday had stated that it sent a proposal to GMS CEO to acquire all shares for $95.20 per share in cash. The proposal implies a total deal value of approximately $5 billion and reflects a 27% premium over GMS's 60-day volume-weighted average price of $74.82.
Following the offer announcement, GMS shares climbed around 17 percent in ...