QXO Won’t Raise Its Offer for GMS After Report of Home Depot Bid

QXO Inc.won’t raise its $5 billion offer for building products distributor GMS Inc.after Home Depot Inc. reportedly made its own bid.

A spokesman for QXO said Friday that $5 billion is the company’s full offer. The Wall Street Journal reported Thursday that Home Depot had submitted a bid for an undetermined sum. Representatives for Home Depot and GMS declined to comment.

QXO’s unsolicited offer of $95.20 a share represented a 27% premium to GMS’ 60-day volume-weighted average, according to a statement Wednesday afternoon. GMS shares jumped as much as 30% in Friday’s trading, touching a high of $105.14, ...