Home Depot makes a takeover bid to GMS, kicking off a $5 billion building materials company bidding war.

Insiders revealed that Home Depot has made a takeover offer to building materials distributor GMS, which may lead to a bidding war between the home renovation giant and a series of M&A matchmakers led by Brad Jacobs. The exact price that Home Depot is discussing to acquire GMS privately has not been determined. On Wednesday, Jacobs' company QXO stated that they have submitted a proposal to acquire GMS, offering approximately $5 billion, or $95.20 per share in cash.