GMS acquired by SRS Distribution, a division of Home Depot, resulting in 13% stock increase.

GMS, a building products distributor, was acquired by a division of SRS Distribution, a subsidiary of Home Depot, after a brief bidding war. The offer of $110 per share in cash was far more generous than a previous offer from QXO, resulting in a near-13% increase in GMS stock price.

Analysts quickly updated their price targets to reflect Home Depot’s offer. With no expected counteroffer, shareholders are set to profit from the acquisition. The company looks forward to expanding its product offerings and delivering value to customers as part of the Home Depot family.

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Read more at Yahoo Finance: Why GMS Stock Crushed It This Week