GMS tender offer closes with $110 per share cash deal

GMS Inc. reports that the tender offer by The Home Depot and its subsidiary to acquire GMS has successfully closed.

Accepted by SEC EDGAR 09/04/2025 - 06:29 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

GMS Inc. reports that the tender offer by The Home Depot and its subsidiary to acquire GMS has successfully closed. The offer to purchase all outstanding GMS common shares at $110.00 per share in cash expired at one minute after 11:59 p.m. Eastern Time on September 3, 2025. As of that time, 30,337,823 shares, or about 79.5% of the then-outstanding shares, had been validly tendered and not withdrawn, satisfying the minimum condition and all other offer conditions.

Immediately after expiration, the purchaser accepted all tendered shares for payment. Because it now owns enough shares, The Home Depot plans to complete a merger under Section 251(h) of Delaware law, in which GMS will become an indirect, wholly owned subsidiary. At the merger’s effective time, each remaining GMS share (with limited exceptions) will be converted into the right to receive $110.00 in cash per share, and GMS shares will be delisted from the NYSE and deregistered under the Exchange Act.

Insights

M&A and corporate actions analyst

Tender offer closed successfully; remaining GMS shares to be cashed out at $110.

The document explains that The Home Depot’s tender offer for GMS Inc. has met all conditions. At the offer’s expiration on September 3, 2025, shareholders had validly tendered 30,337,823 shares, representing about 79.5% of GMS’s outstanding stock. This level of participation satisfied the minimum tender condition and all other stated conditions.

After expiration, the acquisition vehicle accepted all tendered shares for payment at $110.00 per share in cash. Owning a sufficient majority allows The Home Depot to use a Section 251(h) merger under Delaware law, eliminating the need for a separate shareholder vote. At the merger effective time, each remaining share (other than specified excluded and appraisal shares) will also convert into the right to receive $110.00 in cash.

Once the merger is completed on the stated date, GMS will become an indirect, wholly owned subsidiary of The Home Depot, and its shares will be delisted from the NYSE and deregistered under the Exchange Act. Subsequent company disclosures may provide final timing details around the effective time and delisting process.

FAQ

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What does the latest GMS (GMS) Schedule 14D-9 amendment say about the tender offer?

The amendment states that The Home Depot’s tender offer for GMS common stock at $110.00 per share in cash has expired and met all conditions, with the purchaser accepting all validly tendered shares for payment.

How many GMS shares were tendered into The Home Depot offer and what percentage is that?

As of the offer’s expiration, 30,337,823 GMS shares had been validly tendered and not withdrawn, representing approximately 79.5% of the then-outstanding shares.

What will GMS shareholders who did not tender their shares receive in the merger?

At the merger’s effective time, each GMS share issued and outstanding immediately before the merger (with limited exceptions) will be cancelled and converted into the right to receive $110.00 in cash per share, without interest and subject to required tax withholding.

Is GMS holding a shareholder vote to approve the acquisition by The Home Depot?

No. Because the purchaser owns a sufficient number of GMS shares after the tender offer, the merger will be completed under Section 251(h) of the Delaware General Corporation Law, which does not require a separate GMS stockholder vote.

What happens to GMS stock after the merger with The Home Depot is completed?

Following the merger, GMS will become an indirect, wholly owned subsidiary of The Home Depot, and GMS intends to have its shares delisted from the NYSE and deregistered under the Exchange Act, ending its public reporting obligations.

Are any GMS shares excluded from receiving the $110.00 cash merger consideration?

Yes. Shares held by GMS, The Home Depot or their wholly owned subsidiaries (other than the purchaser), shares already tendered and irrevocably accepted in the offer, and shares held by holders who properly demand statutory appraisal and maintain those rights are excluded from conversion into the $110.00 per share merger consideration.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14D-9

(RULE 14d-101)

(Amendment No. 5)

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 Apolinsky
Senior Vice President and General Counsel
115 Perimeter Center Place, Suite 600
Atlanta, Georgia 30346
(800) 392-4619

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications
on Behalf of the Person(s) Filing Statement)

Copy to:

W. Scott Ortwein
Justin R. Howard
Kyle G. Healy
Alston & Bird LLP
1201 West Peachtree Street
Atlanta, Georgia 30309
(404) 881-7000

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

This Amendment No. 5 (this “Amendment”) amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 (together with any amendments or supplements thereto, including this Amendment, the “Schedule 14D-9”) filed by GMS Inc., a Delaware corporation (“GMS” or the “company”) with the Securities and Exchange Commission on July 14, 2025, relating to the tender offer by The Home Depot, Inc., a Delaware corporation (“The Home Depot”), and Gold Acquisition Sub, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of The Home Depot (“Purchaser”), to purchase all outstanding shares of common stock, par value $0.01 per share (the “Shares”) of GMS, at a purchase price of $110.00 per Share in cash, subject to any required withholding of taxes, on the terms and subject to the conditions set forth in the Offer to Purchase, dated July 14, 2025 (as amended or supplemented from time to time) (the “Offer to Purchase”), and in the related Letter of Transmittal (as amended or supplemented from time to time) (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”).

Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to them in the Schedule 14D-9. Except as set forth below, the information set forth in the Schedule 14D-9 remains unchanged and is incorporated herein by reference as relevant to the items in this Amendment.

ITEM 8. ADDITIONAL INFORMATION

Item 8 of the Schedule 14D-9 is hereby amended and supplemented as follows:

The following is hereby added immediately following the section entitled “Regulatory Approvals”:

“Expiration of the Offer

The Offer and withdrawal rights expired at one minute after 11:59 P.M., Eastern Time, on September 3, 2025 (the “Expiration Time”). The depositary advised Purchaser that, as of the Expiration Time, a total of 30,337,823 Shares had been validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 79.5% of the Shares then outstanding. Accordingly, the number of Shares validly tendered in the Offer and “received” by the “depositary” (as such terms are defined in Section 251(h) of the DGCL), and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition, and all other conditions to the Offer were satisfied or waived. Promptly after the Expiration Time, Purchaser accepted for payment all Shares validly tendered and not validly withdrawn pursuant to the Offer.

As a result of its acceptance of the Shares validly tendered (and not validly withdrawn) pursuant to the Offer, Purchaser owns a sufficient number of Shares to complete the Merger without a vote of GMS stockholders in accordance with Section 251(h) of the DGCL. Accordingly, The Home Depot and Purchaser intend to effect the Merger under Section 251(h) and complete the acquisition of GMS as promptly as practicable on the date hereof. At the Effective Time, Purchaser will merge with and into GMS, with GMS continuing as the Surviving Corporation and becoming an indirect, wholly owned subsidiary of The Home Depot. By virtue of the Merger, at the Effective Time, each Share issued and outstanding immediately prior to the Effective Time (other than any (i) Shares held by GMS, The Home Depot or any of their respective wholly owned subsidiaries (other than Purchaser), (ii) Shares tendered and irrevocably accepted for purchase in the Offer and (iii) Shares held by any person who was entitled to and who properly demanded statutory appraisal of their Shares and has not withdrawn such demand or lost such rights) will be cancelled and converted into the right to receive $110.00 per Share in cash, without interest and subject to any required withholding of taxes.

Following the consummation of the Merger, GMS intends to cause the Shares to be delisted from the NYSE and deregistered under the Exchange Act and to suspend all of GMS’s reporting obligations under the Exchange Act.”

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

	GMS INC.
	By:	/s/ Scott M. Deakin
	Name:	Scott M. Deakin
	Title:	Chief Financial Officer

Date: September 4, 2025