QXO proposes to acquire GMS for $95.20/share cash, ~$5B total

QXO, Inc.

Proposal price $95.20/share cash, 27% premium to GMS's 60-day VWAP of $74.82.
Total transaction value ~$5 billion; no financing condition; expected close August 2025.
QXO cites GMS underperformance: EBITDA declined 4% annual vs peers +4.6%, margin down 315bps.
Financial advisors: Goldman Sachs & Co. and Morgan Stanley; legal: Paul Weiss.
QXO requests GMS board response by June 24, 2025.

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