QXO, Inc. (QXO) Offers to Acquire GMS Inc (GMS)
QXO, Inc. (NYSE:QXO) is one of the 11 Unstoppable Tech Stocks to Invest in. On June 21, Reuters reported Billionaire Brad Jacobs, CEO of QXO, Inc. (NYSE:QXO) made an offer to acquire GMS Inc (NYSE:GMS) for about $5 billion in cash. The Billionaire also threatened the company regarding a hostile takeover if the management rejected the proposal.
This comes after QXO, Inc. (NYSE:QXO) on April 29 completed the acquisition of Beacon Roofing Supply after a prolonged takeover battle for approximately $11 billion. The acquisition significantly expanded the company’s market position in the United States and Canada. These series of acquisitions by the company are part of its plan to become a $50 billion tech-enabling revenue building-products distributor within the next 10 years.
An engineer carrying a housing panel for a modular building across a construction site.
The acquisition of GMS Inc (NYSE:GMS) will expand QXO, Inc. (NYSE:QXO)’s market into house interior materials as well. The proposal is currently in a friendly phase, however, Jacobs has threatened to bypass the management and take its offer directly to the shareholders of GMS in case the proposal is rejected.
QXO, Inc. (NYSE:QXO) delivers technology solutions mainly to manufacturing, distribution, and service sector clients. It is also recognized as one of the largest distributors of roofing, waterproofing, and complementary building products in the United States.
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