(Updates with company response in the second paragraph.)
QXO (QXO) will not raise its $5 billion bid for GMS (GMS) after Home Depot (HD) reportedly made an undisclosed offer for the building products distributor, Bloomberg reported Friday, citing a company spokesperson.
In an email response, QXO told MT Newswires that the $5 billion bid "is a full and compelling offer" at the high end of its valuation range.
OXO shares were up 1.5% in recent trading, while GMS was down 1%.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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