Angelica Ballesteros
2 min read
In This Article:
QXO, Inc. (NYSE:QXO) is one of the Double-Digit Winners: 10 Stocks Crushing The Market.
QXO saw its share prices jump by 21 percent to end Friday’s trading at $23.79 versus the $19.66 a week earlier, with investor sentiment bolstered by its proposed acquisition of building products distributor GMS Inc. (NYSE:GMS) for $5 billion.
In a statement late last week, QXO, Inc. (NYSE:QXO) said it sent a proposal to GMS Inc.’s (NYSE:GMS) president and CEO to acquire all of the latter’s outstanding shares at a price of $95.20 for a total of $5 billion.
The amount represents a 27-percent premium over GMS Inc.’s (NYSE:GMS) 60-day volume-weighted average price of $74.82.
Brad Jacob, chairman and CEO of QXO, Inc. (NYSE:QXO), said that its all-cash proposal will deliver immediate and certain value to GMS shareholders at a meaningful premium.
“We believe this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction,” he noted.
A Home improvement store aisle with multiple types of building products on display.
QXO, Inc. (NYSE:QXO) tapped Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as its financial advisors, while Paul, Weiss, Rifkind, Wharton & Garrison LLP will act as its legal counsel.
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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
