GMS says board will review QXO takeover proposal of $95.20 per share

GMS Inc. (GMS) confirmed that it has received an “unsolicited” proposal from QXO, Inc. (QXO) to acquire all outstanding shares of GMS for $95.20 per share in cash. “Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, the GMS Board of Directors will carefully review and evaluate the unsolicited proposal to determine the course of action that it believes is in the best interests of the Company and all GMS shareholders,” the company said in a statement. GMS does not intend to comment further on QXO’s proposal until the board has completed its review. GMS shareholders do not need to take any action at this time. Jefferies is acting as the company’s financial advisor.