Billionaire dealmaker Brad Jacobs’ QXO Inc. has offered to buy building-products distributor GMS Inc. for roughly $5 billion in cash, or $95.20 a share—about a 17% premium to GMS’s last closing price and 27% above its 60-day average. The proposal, announced 18 June, would broaden QXO’s footprint from roofing supplies into interior materials such as drywall. Jacobs told GMS’s board he will take the proposal directly to shareholders if directors do not engage by 24 June, setting up the company’s latest potential hostile campaign after its recent $11 billion deal for Beacon Roofing Supply. Goldman Sachs and Morgan Stanley are advising QXO. The Wall Street Journal reported a day later that Home Depot Inc. has made its own, undisclosed offer for GMS, positioning the home-improvement chain against the much smaller QXO. Trading in GMS shares reflected expectations of a bidding contest, with the stock jumping as much as 30% to $105.14 in New York on 20 June—well above QXO’s offer price. QXO said on Friday it will not increase its bid, calling $5 billion its “full offer.” Analysts at Truist Securities said Home Depot is more likely than QXO to raise its valuation, while other suitors appear unlikely. The fight underscores accelerating consolidation in U.S. building-products distribution, a largely domestic industry that has been sheltered from the recent 145% U.S. tariff on Chinese goods.