QXO Inc. has indicated it is not willing to participate in a bidding war for GMS Inc., according to a source familiar with the matter. This decision follows reports of a potential competitive acquisition process for the building products distributor.
The company, led by billionaire Brad Jacobs, had previously made an unsolicited all-cash offer of $95.20 per share for GMS. QXO is now evaluating several alternative acquisition opportunities.
QXO's withdrawal from a potential bidding war removes a competitive element that could have driven up the acquisition price for GMS. GMS's Board of Directors is continuing its review of acquisition proposals.
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