(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.)
Price: 24.44, Change: +0.65, Percent Change: +2.73
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