• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form SC14D9C filed by GMS Inc.

    6/30/25 4:30:18 PM ET
    $GMS
    RETAIL: Building Materials
    Consumer Discretionary
    Get the next $GMS alert in real time by email
    SC14D9C 1 tm2519400d3_sc14d9.htm SC14D9C

     

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    SCHEDULE 14D-9

    (RULE 14d-101)

     

    SOLICITATION/RECOMMENDATION STATEMENT

    UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    GMS INC.

    (Name of Subject Company)

     

    GMS INC.

    (Name of Persons Filing Statement)

     

    Common Stock, par value $0.01 per share

    (Title of Class of Securities)

     

    36251C103

    (CUSIP Number of Class of Securities)

     

    Craig D. Apolinsky

    Senior Vice President, General Counsel and Corporate Secretary

    100 Crescent Centre Parkway, Suite 800

    Tucker, Georgia 30084

    (800) 392-4619

    (Name, Address and Telephone Number of Person Authorized to

    Receive Notices and Communications on Behalf of the Persons Filing Statement)

     

    Copy to:

    W. Scott Ortwein

    Justin R. Howard

    Kyle G. Healy

    Alston & Bird LLP

    One Atlantic Center

    1201 West Peachtree Street

    Atlanta, Georgia 30309

    (404) 881-7000

     

    x Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

     

     

     

     

     

     

    This Schedule 14D-9 filing consists of certain communications relating to the proposed acquisition of GMS Inc., a Delaware corporation (the “Company”), by The Home Depot, Inc., a Delaware corporation (“Parent”), pursuant to the terms of an Agreement and Plan of Merger, dated as of June 29, 2025, by and among the Company, Parent and Gold Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”).

     

    This Schedule 14D-9 filing consists of the following documents relating to the proposed tender offer (the “Offer”) and merger (the “Merger”):

     

      i. Exhibit 99.1: Customer Letter
         
      ii. Exhibit 99.2: Vendor Partner Letter

     

      iii. Exhibit 99.3: Team Member Letter

     

      iv. Exhibit 99.4: Team Member FAQ
         
      v. Exhibit 99.5: Investor / Analyst Courtesy Email
         
      vi. Exhibit 99.6: LinkedIn Posts

     

    The materials listed above were first used or made available on June 30, 2025.

     

    The information set forth under Items 1.01, 7.01 and 9.01 of the Current Report on Form 8-K filed by the Company on June 30, 2025 (including all exhibits attached thereto) is incorporated herein by reference.

     

    Additional Information and Where to Find It

     

    The tender offer described herein has not yet commenced. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of the Company or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the “SEC”) by Parent and Merger Sub, and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by the Company. The offer to purchase common stock of the Company will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by the Company, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on the Company’s internet website at https://investor.gms.com.

     

     

     

     

    Cautionary Note Regarding Forward-Looking Statements

     

    This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as “expect,” “intend,” “anticipate,” “believe,” “estimate,” “potential,” “should” or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the Offer, the Merger and related transactions, including, for example, the timing of the completion of the Merger and the potential benefits of the Merger, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, the Company’s actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the Offer and the Merger; (ii) uncertainties as to how many Company stockholders will tender their Shares in the Offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that the Company will terminate the Merger Agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the Merger Agreement may not be satisfied or waived; (vi) the risk that the Merger Agreement may be terminated in circumstances requiring the Company to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on the Company’s relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in the Company’s public filings with the SEC, including the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025 and in the Company’s subsequent filings with the SEC, as well as the tender offer materials filed and to be filed by Parent and Merger Sub in connection with the Offer and the solicitation/recommendation statement to be filed by the Company. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

     

     

     

    Get the next $GMS alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $GMS

    DatePrice TargetRatingAnalyst
    11/26/2024$97.00Buy → Neutral
    DA Davidson
    8/23/2023$82.00Buy
    DA Davidson
    12/9/2022$52.00 → $60.00Buy → Hold
    Loop Capital
    9/7/2022$50.00 → $46.00Buy → Hold
    Truist
    6/22/2022$73.00 → $46.00Outperform → Sector Perform
    RBC Capital Mkts
    3/18/2022$62.00Buy
    Loop Capital
    12/6/2021$72.00Market Perform → Outperform
    Raymond James
    12/3/2021$61.00 → $68.00Outperform
    RBC Capital
    More analyst ratings

    $GMS
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • President and CEO Turner John C Jr bought $255,500 worth of shares (3,650 units at $70.00), increasing direct ownership by 6% to 66,928 units (SEC Form 4)

      4 - GMS Inc. (0001600438) (Issuer)

      4/8/25 4:35:49 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    SEC Filings

    See more
    • SEC Form SC TO-C filed by GMS Inc.

      SC TO-C - GMS Inc. (0001600438) (Subject)

      6/30/25 5:10:28 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC14D9C filed by GMS Inc.

      SC14D9C - GMS Inc. (0001600438) (Subject)

      6/30/25 4:30:18 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC TO-C filed by GMS Inc.

      SC TO-C - GMS Inc. (0001600438) (Subject)

      6/30/25 8:21:52 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • GMS Enters Into Agreement With The Home Depot to Be Acquired by SRS Distribution

      GMS Inc. (NYSE:GMS) (the "Company"), a leading North American specialty building products distributor, today announced the Company has entered into a definitive agreement with The Home Depot®, the world's largest home improvement retailer, to be acquired by its specialty trade distribution subsidiary, SRS Distribution ("SRS"). Under the terms of the agreement, a subsidiary of SRS will commence a tender offer to acquire all outstanding shares of GMS common stock for $110.00 per share, for a total enterprise value (including net debt) of approximately $5.5 billion. Since its founding in 1971, GMS has remained committed to providing outstanding service and adding value for customers by creat

      6/30/25 8:02:00 AM ET
      $GMS
      $HD
      RETAIL: Building Materials
      Consumer Discretionary
    • GMS Inc. Confirms Receipt of Unsolicited Proposal from QXO, Inc.

      No Shareholder Action Required at This Time GMS Inc. (NYSE:GMS) (the "Company"), a leading North American specialty building products distributor, confirmed that it has received an unsolicited proposal from QXO, Inc. ("QXO") to acquire all outstanding shares of GMS for $95.20 per share in cash. Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, the GMS Board of Directors will carefully review and evaluate the unsolicited proposal to determine the course of action that it believes is in the best interests of the Company and all GMS shareholders. GMS does not intend to comment further on QXO's unsolicited proposal until the Board

      6/19/25 6:30:00 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • QXO Proposes to Acquire GMS for $95.20 Per Share in Cash

      QXO, Inc. (NYSE:QXO) today sent a proposal to the President and CEO of GMS Inc. (NYSE:GMS) to acquire all outstanding shares of GMS for $95.20 per share in cash. The proposal implies a total transaction value of approximately $5 billion and reflects a 27% premium over GMS's 60-day volume-weighted average price of $74.82. "Our all-cash proposal to acquire GMS for $95.20 per share delivers immediate and certain value to GMS shareholders at a meaningful premium," said Brad Jacobs, Chairman and Chief Executive Officer of QXO. "We believe this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction." Goldman Sachs & Co. LLC an

      6/18/25 6:45:00 PM ET
      $GMS
      $QXO
      RETAIL: Building Materials
      Consumer Discretionary
      EDP Services
      Technology

    $GMS
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • GMS downgraded by DA Davidson with a new price target

      DA Davidson downgraded GMS from Buy to Neutral and set a new price target of $97.00

      11/26/24 7:31:25 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • DA Davidson initiated coverage on GMS with a new price target

      DA Davidson initiated coverage of GMS with a rating of Buy and set a new price target of $82.00

      8/23/23 7:32:03 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • GMS downgraded by Loop Capital with a new price target

      Loop Capital downgraded GMS from Buy to Hold and set a new price target of $60.00 from $52.00 previously

      12/9/22 7:43:08 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    Leadership Updates

    Live Leadership Updates

    See more
    • GMS Enters Into Agreement With The Home Depot to Be Acquired by SRS Distribution

      GMS Inc. (NYSE:GMS) (the "Company"), a leading North American specialty building products distributor, today announced the Company has entered into a definitive agreement with The Home Depot®, the world's largest home improvement retailer, to be acquired by its specialty trade distribution subsidiary, SRS Distribution ("SRS"). Under the terms of the agreement, a subsidiary of SRS will commence a tender offer to acquire all outstanding shares of GMS common stock for $110.00 per share, for a total enterprise value (including net debt) of approximately $5.5 billion. Since its founding in 1971, GMS has remained committed to providing outstanding service and adding value for customers by creat

      6/30/25 8:02:00 AM ET
      $GMS
      $HD
      RETAIL: Building Materials
      Consumer Discretionary
    • GMS Appoints Brad Southern to the Board of Directors

      GMS Inc. (NYSE:GMS), a leading North American specialty building products distributor, announced today an increase in the size of the board of directors from nine to ten directors and the appointment of Brad Southern to serve as an independent director for GMS, effective January 19, 2024. Mr. Southern will serve on the board's Human Capital Management and Compensation Committee and the Nominating and Corporate Governance Committee. In addition, GMS announced that Peter Browning will not stand for reelection to the GMS board at the 2024 Annual Meeting of Stockholders. Since 2017, Mr. Southern has held the position of Chief Executive Officer and member of the Board at Louisiana-Pacific Corp

      1/23/24 7:00:00 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    Financials

    Live finance-specific insights

    See more
    • GMS Reports Fourth Quarter and Fiscal Year 2025 Results

      Resilient Pricing Despite Challenging and Uncertain End Market Conditions; Additional Structural Cost Reductions Realized GMS Inc. (NYSE:GMS), a leading North American specialty building products distributor, today reported financial results for the fourth quarter and fiscal year 2025 ended April 30, 2025. Fourth Quarter Fiscal 2025 Highlights (Comparisons are to the fourth quarter of fiscal 2024 unless otherwise noted) Net sales of $1,333.8 million decreased 5.6%; organic net sales decreased 9.7%. On a per day basis, net sales were down 4.1% and organic net sales decreased 8.3%. Net income of $26.1 million decreased 53.7% from $56.4 million. Net income per diluted share of $0.6

      6/18/25 6:00:00 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • GMS Announces Date for Fourth Quarter and Fiscal Year 2025 Earnings Release and Conference Call

      GMS Inc. (NYSE:GMS) (the "Company"), a leading North American specialty distributor of building products, announced today that it will release its financial results for the fiscal quarter and fiscal year ended April 30, 2025 before the market opens on the New York Stock Exchange on Wednesday, June 18, 2025. A conference call will be held that same day at 8:30 a.m. eastern time to review financial results, discuss recent events and conduct a question-and-answer session. Webcast The conference call and accompanying slide presentation will be available under "News & Events" in the "Investors" section of the Company's website at www.gms.com. To listen to the live broadcast, go to the site a

      6/4/25 7:00:00 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • GMS Reports Third Quarter Fiscal 2025 Results

      Pricing Resilience Despite Declining End Market Demand GMS Inc. (NYSE:GMS), a leading North American specialty building products distributor, today reported financial results for the fiscal third quarter ended January 31, 2025. Third Quarter Fiscal 2025 Highlights (Comparisons are to the third quarter of fiscal 2024) Net sales of $1.3 billion increased 0.2%; organic net sales decreased 6.7%. Net loss of $21.4 million, or $0.55 per diluted share, including a $42.5 million non-cash goodwill impairment charge, decreased from net income of $51.9 million, or $1.28 per diluted share. Adjusted net income of $36.2 million, or $0.92 per diluted share, decreased from $68.8 million, or $1.70

      3/6/25 6:00:00 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by GMS Inc.

      SC 13G - GMS Inc. (0001600438) (Subject)

      10/7/24 11:37:08 AM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC 13D/A filed by GMS Inc. (Amendment)

      SC 13D/A - GMS Inc. (0001600438) (Subject)

      3/1/24 4:16:27 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • SEC Form SC 13G/A filed by GMS Inc. (Amendment)

      SC 13G/A - GMS Inc. (0001600438) (Subject)

      2/13/24 5:06:12 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary

    $GMS
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SVP, Chief Operating Officer Hendren George T exercised 5,000 shares at a strike of $25.60 and sold $541,150 worth of shares (5,000 units at $108.23) (SEC Form 4)

      4 - GMS Inc. (0001600438) (Issuer)

      7/2/25 5:11:19 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • New insider Coliseum Capital Management, Llc claimed ownership of 3,825,151 shares (SEC Form 3)

      3 - GMS Inc. (0001600438) (Issuer)

      6/23/25 5:45:29 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary
    • President and CEO Turner John C Jr bought $255,500 worth of shares (3,650 units at $70.00), increasing direct ownership by 6% to 66,928 units (SEC Form 4)

      4 - GMS Inc. (0001600438) (Issuer)

      4/8/25 4:35:49 PM ET
      $GMS
      RETAIL: Building Materials
      Consumer Discretionary