QXO Inc. (QXO) GMS bids surge in 21% w/w

Qxo, Inc. (NYSE: QXO) is one of them Double-digit winner: 10 shares crushing the market.

QXO closed Friday trading with a 21% rise in stock prices, closing at $23.79, at $19.66 a week ago.

In a statement late last week, QXO, Inc. (NYSE: QXO) has submitted a proposal to the president and CEO of GMS Inc. (NYSE: GMS) to say it has acquired all outstanding shares of the latter for $95.20 for a total of $5 billion.

This amount represents a 27% premium over GMS Inc. (NYSE:GMS) 60-day volume weighted average price of $74.82.

QXO, Inc. Brad Jacob, chairman and CEO of (NYSE:QXO), said its full speed proposal would bring immediate and specific value to GMS shareholders with a meaningful premium.

“We believe this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction,” he said.

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Qxo, Inc. (NYSE: QXO) will tap Goldman Sachs & Company LLC and Morgan Stanley & Company LLC as financial advisors, while Paul, Weiss, Rifkind, Wharton and Garrison LLP as legal advisors.

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Read next: Best AI stocks to buy now and According to the billionaire, 30 best stocks to buy now.

Disclosure: None. This article was originally published Insider Monkey.