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Gladstone Place Partners represents QXO Inc. as the nation’s biggest publicly traded distributor of specialty building products launches a $5B takeover offer for Gypsum Management & Supply, which uses Joele Frank for strategic communications matters.
QXO says its $95.20 per-share offer represents a 27 percent premium over GMS's 60-day average trading price.
The all-cash offer delivers an immediate and certain value to GMS shareholders at a meaningful premium, said Brad Jacobs, CEO of QXO.
In his letter to GMS CEO John Turner, Jacobs warned: “We don’t play games.” He threatened to take the offer directly to GMS stockholders, if Turner fails to engage with QXO by June 24 or “engages in an unconstructive manner.”
GMS, which operates 320 building supply distribution centers, has confirmed that it received QXO’s unsolicited bid and promises to review the offer.
Meanwhile Home Depot reportedly may make an offer for GMS, which registered $5.5B revenues and $115M profit for fiscal 2025 ended April.
Gladstone Place Partners’ Steve Lipin and Lauren Odell represent QXO, while Joele Frank, Wilkinson Brimmer Katcher has Matt Sherman and Leigh Parrish working for GMS.
Omnicom’s PR units suffered a 8.6 percent decline in Q2 revenues to $372.9M.
Former AIG global head of corporate communications Emily Garbaccio is joining PGIM, the global investment management business of Prudential Financial, as chief communications officer.
Joele Frank handles Core Scientific as the data center infrastructure company, gets acquired by CoreWeave in a stock deal valued in the $9B range.
Edelman Smithfield handles Del Monte Foods Corp. as the nearly 140-year-old company files for Chapter 11 to revamp its balance sheet and put itself on the auction block.
Prosek Partners represents Brightstar Capital as the private equity firm completes the $1.1B deal to acquire PlayAGS, supplier of slot table and interactive products to the gaming industry.
