GMS Stock Surges 12% On $5.5 Bln Acquisition By Home Depot's SRS Division

(RTTNews) - GMS Inc. (GMS) shares soared 11.82 percent to $108.83 after announcing it had entered into a definitive agreement to be acquired by SRS Distribution, a specialty trade distribution subsidiary of The Home Depot. GMS opened at $108.10 and traded between $108.11 and $109.04 on Monday, touching a fresh 52-week high on the New York Stock Exchange. Trading volume surged to over 5.3 million shares, far exceeding the average of about 528,000, as investors reacted to the buyout news. Under the deal, SRS will launch a tender offer to purchase all outstanding GMS shares for $110.00 per share, valuing the enterprise at approximately $5.5 billion including net debt.