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The Home Depot Announces Early Termination of HSR Act Waiting Period for Tender Offer to Acquire GMS Inc.

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Home Depot (NYSE:HD) has received early termination of the Hart-Scott-Rodino Act waiting period from the U.S. Department of Justice's Antitrust Division for its proposed acquisition of GMS Inc. This marks a significant milestone in Home Depot's tender offer to acquire all outstanding GMS shares at $110.00 per share in cash.

The tender offer, set to expire on August 22, 2025, still requires the expiration of the Canadian Competition Act waiting period and the tender of a majority of GMS shares. This development follows the merger agreement announced on June 29, 2025, between Home Depot, its subsidiary Gold Acquisition Sub, Inc., and GMS.

Home Depot (NYSE:HD) ha ottenuto la cessazione anticipata del periodo di attesa ai sensi dell'Hart-Scott-Rodino Act da parte della Divisione Antitrust del Dipartimento di Giustizia degli Stati Uniti per la sua proposta di acquisizione di GMS Inc. Si tratta di una tappa importante nell'offerta pubblica d'acquisto di Home Depot per tutte le azioni ordinarie di GMS a $110,00 per azione in contanti.

L'offerta, che scade il 22 agosto 2025, rimane comunque subordinata alla scadenza del periodo di attesa previsto dal Canadian Competition Act e al raggiungimento della maggioranza delle azioni GMS sottoscritte. Questo sviluppo segue l'accordo di fusione annunciato il 29 giugno 2025 tra Home Depot, la sua controllata Gold Acquisition Sub, Inc. e GMS.

Home Depot (NYSE:HD) ha recibido la terminación anticipada del período de espera bajo la Ley Hart-Scott-Rodino por parte de la División Antimonopolio del Departamento de Justicia de EE.UU. en relación con su propuesta de adquisición de GMS Inc. Se trata de un hito relevante en la oferta pública de Home Depot para comprar todas las acciones en circulación de GMS a $110.00 por acción en efectivo.

La oferta, que vence el 22 de agosto de 2025, sigue pendiente de la finalización del período de espera conforme al Canadian Competition Act y de que se presenten en oferta la mayoría de las acciones de GMS. Este avance se produce tras el acuerdo de fusión anunciado el 29 de junio de 2025 entre Home Depot, su filial Gold Acquisition Sub, Inc. y GMS.

Home Depot (NYSE:HD)가 GMS Inc. 인수 제안� 관련해 미국 법무부 반독점국으로부� Hart-Scott-Rodino �(HSR) 대� 기간� 조기 종료� 통보받았습니�. 이는 Home Depot가 현금으로 주당 $110.00� GMS� 모든 발행주식� 인수하기 위한 공개입찰에서 중요� 진전입니�.

이번 공개입찰은 2025� 8� 22�� 만료� 예정이나, 캐나� 경쟁�(Canadian Competition Act)� 따른 대� 기간 종료와 GMS 주식� 과반수가 제출되는 조건� 아직 남아 있습니다. � 사안은 2025� 6� 29� Home Depot, � 자회� Gold Acquisition Sub, Inc. � GMS 간에 발표� 합병 계약� 따른 것입니다.

Home Depot (NYSE:HD) a obtenu la levée anticipée de la période d'attente prévue par le Hart-Scott-Rodino Act de la part de la Division antitrust du ministère de la Justice des États-Unis concernant son projet d'acquisition de GMS Inc. Il s'agit d'une étape importante dans l'offre publique d'achat de Home Depot visant à acquérir l'intégralité des actions en circulation de GMS à 110,00 $ par action en numéraire.

L'offre, qui expirera le 22 août 2025, reste toutefois soumise à l'expiration de la période d'attente prévue par le Canadian Competition Act et à la remise de la majorité des actions GMS. Cette évolution fait suite à l'accord de fusion annoncé le 29 juin 2025 entre Home Depot, sa filiale Gold Acquisition Sub, Inc. et GMS.

Home Depot (NYSE:HD) hat von der Antitrust-Division des US-Justizministeriums die vorzeitige Beendigung der Wartefrist nach dem Hart-Scott-Rodino Act für den geplanten Erwerb von GMS Inc. erhalten. Dies ist ein bedeutender Meilenstein für Home Depots Übernahmeangebot, alle ausstehenden GMS-Aktien zu $110,00 pro Aktie in bar zu übernehmen.

Das Übernahmeangebot, das am 22. August 2025 ausläuft, steht weiterhin unter dem Vorbehalt des Ablaufs der Wartefrist nach dem Canadian Competition Act und der Einreichung der Mehrheit der GMS-Aktien. Diese Entwicklung folgt auf die am 29. Juni 2025 angekündigte Fusionsvereinbarung zwischen Home Depot, dessen Tochtergesellschaft Gold Acquisition Sub, Inc. und GMS.

Positive
  • None.
Negative
  • Transaction still requires Canadian regulatory approval
  • Significant cash outlay required for the acquisition
  • Deal completion dependent on majority shareholder tender acceptance

ATLANTA, Aug. 21, 2025 /PRNewswire/ --The Home Depot® announced today that the Antitrust Division of the U.S. Department of Justice has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), in connection with The Home Depot's previously announced tender offer to purchase, through its wholly owned subsidiary Gold Acquisition Sub, Inc. ("Purchaser") and subject to certain conditions, all of the outstanding shares of common stock of GMS (the "Shares"), at a price of $110.00 per Share in cash, without interest and subject to any required withholding of taxes.

The termination of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the tender offer and the transactions under the previously announced merger agreement, dated June 29, 2025, by and among The Home Depot, Purchaser and GMS (the "merger agreement"). Consummation of the tender offer remains subject to, among other conditions, the expiration of the applicable waiting period under the Canadian Competition Act and the tender, as of immediately prior to the Expiration Time (as defined below), of a majority of the Shares then outstanding.

The tender offer will expire at one minute after 11:59 p.m., Eastern time, on Friday August 22, 2025, unless thetender offer is otherwise extended further or earlier terminated in accordance with the merger agreement and theapplicable rules and regulations of the U.S. Securities and Exchange Commission (such time, the "ExpirationTime").

About The Home Depot

The Home Depot is the world's largest home improvement specialty retailer. At the end of the second quarter, the company operated more than 2,353 retail stores, over 800 branches and more than 325 distribution centers that directly fulfill customer orders across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs over 470,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

Additional Information and Where to Find It

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities of GMS Inc. ("GMS"). The Home Depot, Inc. ("The Home Depot") and its indirect, wholly owned subsidiary, Gold Acquisition Sub, Inc., have filed a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission (the "SEC"), containing an Offer to Purchase all of the outstanding shares of common stock of GMS, related Letter of Transmittal and other related documents, and GMS has filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. HOLDERS OF SHARES OF GMS ARE URGED TO CAREFULLY READ THE RELEVANT TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF GMS SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. The Offer to Purchase, the related Letter of Transmittal and other tender offer documents, as well as the Solicitation/Recommendation Statement, are available to all holders of GMS stock at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement are available for free at the SEC's website at . Additional copies may be obtained for free by contacting The Home Depot or GMS. Copies of the documents filed with the SEC by GMS are available free of charge on GMS's internet website at . Copies of the documents filed with the SEC by The Home Depot are available free of charge on The Home Depot's internet website at or by contacting The Home Depot's Investor Relations Department at (770) 384-2871.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, The Home Depot and GMS each file annual, quarterly and current reports and other information with the SEC. The Home Depot and GMS's filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at .

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute "forward-looking statements" as defined in the federal securities laws. Forward-looking statements are based on currently available information and current assumptions, expectations and projections of The Home Depot (collectively with its subsidiaries unless the context otherwise indicates, the "Company") about future events, and may use words such as "may," "will," "could," "should," "would," "anticipate," "intend," "estimate," "project," "plan," "believe," "expect," "target," "prospects," "potential," "commit," and "forecast" or words of similar import or meaning or refer to future time periods. Forward-looking statements may relate to, among other things, the proposed acquisition of GMS (the "potential acquisition"); the potential benefits of the potential acquisition, including with respect to future financial performance; the anticipated timing of closing of the potential acquisition (including to obtain necessary regulatory approvals); and the anticipated funding for the potential acquisition. Forward-looking statements are subject to substantial risks and uncertainties, including, but not limited to, the following: the possibility that the potential acquisition does not close on the anticipated timeframe or at all (including failure to obtain necessary regulatory approvals and uncertainties as to how many of GMS's stockholders will tender their shares in the tender offer); risks related to the ability to realize the anticipated benefits of the potential acquisition, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; disruption from the potential acquisition making it more difficult to maintain business and operational relationships; negative effects of announcing the potential acquisition or the consummation of the potential acquisition on the market price of the Company's or GMS's common stock, credit ratings or operating results or on relationships with customers, suppliers and other counterparties; significant costs associated with the potential acquisition; unknown liabilities; the risk of litigation and/or regulatory actions related to the potential acquisition; the demand for the Company's or GMS's products and services, including as a result of macroeconomic conditions and changing customer preferences and expectations; the effects of competition; the Company's brand and reputation; implementation of interconnected retail, store, supply chain, technology innovation and other strategic initiatives, including with respect to real estate; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer and trade credit; the impact of tariffs, trade policy changes or restrictions, or international trade disputes and efforts and ability to continue to diversify the Company's supply chain; issues related to the payment methods the Company accepts; demand for credit offerings including trade credit; management of relationships with the Company's associates, jobseekers, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt the Company's business, supply chain, technology infrastructure, or demand for the Company's products and services, such as tariffs, trade policy changes or restrictions or international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, labor disputes, geopolitical conflicts, military conflicts, or acts of war; the Company's ability to maintain a safe and secure store environment; the Company's ability to address expectations regarding sustainability and human capital management matters and meet related goals; continuation or suspension of share repurchases; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; the Company's ability to issue debt on terms and at rates acceptable to the Company; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including executive orders and other administrative or legislative actions, such as changes to tax laws and regulations; store openings and closures; and the impact of other acquired companies on the Company's organization and the ability to recognize the anticipated benefits of any other completed or pending acquisitions.

These statements are not guarantees of future performance and are subject to future events, risks and uncertainties � many of which are beyond the Company's control, dependent on the actions of third parties, or currently unknown to the Company � as well as potentially inaccurate assumptions that could cause actual results to differ materially from the Company's historical experience and its expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. "Risk Factors," and elsewhere in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2025 and also as described from time to time in reports subsequently filed by the Company with the SEC. There also may be other factors that the Company cannot anticipate or that are not described herein, generally because the Company does not currently perceive them to be material. Such factors could cause results to differ materially from the Company's expectations. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission and in its other public statements.

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SOURCE The Home Depot

FAQ

What is the status of Home Depot's (HD) acquisition of GMS Inc.?

Home Depot has received early termination of the HSR Act waiting period from the U.S. DOJ for its tender offer to acquire GMS Inc. at $110.00 per share. The deal still requires Canadian regulatory approval and majority shareholder tender.

When will Home Depot's tender offer for GMS expire?

The tender offer is set to expire at one minute after 11:59 p.m., Eastern time, on Friday August 22, 2025, unless extended or terminated earlier.

What is the purchase price for Home Depot's acquisition of GMS?

Home Depot is offering to purchase GMS shares at $110.00 per share in cash, without interest and subject to any required tax withholding.

What conditions remain for Home Depot's acquisition of GMS to close?

The acquisition still requires the expiration of the Canadian Competition Act waiting period and the tender of a majority of GMS shares before the expiration time.

When was the merger agreement between Home Depot and GMS announced?

The merger agreement between Home Depot, Gold Acquisition Sub, Inc., and GMS was announced on June 29, 2025.
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Home Improvement Retail
Retail-lumber & Other Building Materials Dealers
United States
ATLANTA