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. 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 proposal of $95.20 per-share offer.
An engineer carrying a housing panel for a modular building across a construction site.
QXO, Inc. delivers technology solutions mainly to manufacturing, distribution, and service sector clients.
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This article is originally published at Insider Monkey.
