QXO Offers to Buy Building Materials Firm GMS for $5 Billion (1)

QXO Inc. said it sent a letter to GMS Inc. proposing to buy the building products distributor for about $5 billion.

The offer of $95.20 a share represents a 27% premium to GMS’s 60-day volume-weighted average price of $74.82, according to a statement Wednesday that included the letter from QXO Chief Financial Officer Ihsan Essaid to GMS Chief Executive Officer John Turner.

“We don’t play games — we’re straightforward and we move fast,” Essaid said in the letter. “In that spirit we have put forth a highly compelling offer at the high end of our valuation range.”

Shares of Tucker, ...