GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle. First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion. Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price. As news of the potential bidding war hit the market, GMS shares soared over 30%, reaching $105.14, well above QXO’s offer — a clear signal that investors expect more action. While QXO has since declared it will not raise its offer, the mere presence of a competing bid from Home Depot underscores how strategically valuable GMS has become. Below are four key drivers that make GMS an acquisition target worth fighting for.