The Home Depot Extends GMS Tender Offer to $110 per Share

Home Depot has extended its tender offer to acquire all outstanding shares of GMS for $110 per share in cash. The initial expiration date was set for August 7. Home Depot's wholly owned subsidiary, Gold Acquisition Sub, is conducting the tender offer.

Home Depot (NYSE: HD) has extended the expiration date of its tender offer to acquire all outstanding shares of GMS Inc. (NYSE: GMS) at $110.00 per share in cash. The initial expiration date was set for August 7, 2025, but has now been extended to September 3, 2025 [1].

The extension provides additional time for Home Depot to satisfy remaining conditions, including the expiration or termination of the applicable waiting period under the Canadian Competition Act. As of the original deadline, approximately 29,310,002 shares had been validly tendered, representing about 77% of GMS’s outstanding shares [1].

The tender offer is being conducted by Home Depot's wholly owned subsidiary, Gold Acquisition Sub, Inc. [1]. The acquisition, announced on June 29, 2025, remains subject to regulatory approvals and the condition that a majority of GMS shares be tendered [1].

Home Depot, the world’s largest home improvement retailer, operates more than 2,353 retail stores across the United States, Canada, and Mexico, along with over 800 branches and 325 distribution centers. The company employs more than 470,000 associates [1].

The tender offer is being made pursuant to the previously announced merger agreement between Home Depot, its subsidiary, and GMS. Broadridge Corporate Issuer Solutions, LLC is serving as the depositary for the tender offer, while D.F. King & Co., Inc. is acting as the information agent [1].

Analysts have been updating their outlooks on Home Depot. RBC Capital raised its price target to $401, citing modest improvements in demand following the second-quarter results. UBS reiterated its Buy rating and maintained a $475 price target, highlighting Home Depot’s market share gains in the U.S. Despite slightly missing consensus expectations in the second quarter, KeyBanc noted improving trends, as Home Depot posted a 1.4% increase in U.S. comparable sales, its strongest performance in over two years [1].

Home Depot’s board of directors has also declared a quarterly cash dividend of $2.30 per share, marking the 154th consecutive quarter of dividend payments to shareholders [1].

For more information, please refer to the following sources:
[1] https://www.investing.com/news/company-news/home-depot-extends-tender-offer-deadline-for-gms-acquisition-93CH-4208879
[2] https://ir.homedepot.com/news-releases/2025/08-25-2025-131524313