QXO, Inc. (NYSE: QXO) is one of the Winners with double digits: 10 shares that crush the market.
QXO saw its share prices rise by 21 percent to terminate Friday's trade at $ 23.79 versus the $ 19.66 a week earlier, with investor sentiment reinforced by the proposed acquisition of the Bouwproducten GMS Inc. distributor. (NYSE: GMS) for $ 5 billion.
In a statement at the end of last week, QXO said, Inc. (NYSE: QXO) that it sent a proposal to the president and CEO of GMS Inc. (NYSE: GMS) to acquire all outstanding shares of the latter at a price of $ 95.20 for a total of $ 5 billion.
The amount represents a premium of 27 percent above GMS Inc.'s (NYSE: GMS) 60-day volume-oriented average price of $ 74.82.
Brad Jacob, chairman and CEO of QXO, Inc. (NYSE: QXO), said that the all-cash proposal will immediately and certain value deliver to GMS shareholders at a meaningful premium.
“We believe that this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction,” he noticed.
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QXO, Inc. (NYSE: QXO) Tapped Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as his financial advisers, while Paul, Weiss, Rifkind, Wharton & Garrison LLP will act as a legal adviser.
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Read next: 20 best AI shares to buy now And 30 best shares to buy now according to billionaires.
Publication: none. This article was originally published on Insider monkey.
