Home Depot withdraws and refiles HSR form for GMS acquisition

ATLANTA - Home Depot (NYSE:HD), a prominent player in the Specialty Retail industry with a market capitalization of $383.5 billion and annual revenue exceeding $162 billion, announced Thursday it has withdrawn and refiled its Premerger Notification and Report Form under the Hart-Scott-Rodino Act for its pending acquisition of GMS Inc. According to InvestingPro data, the company maintains a strong financial health score of 2.58, rated as "GOOD."

The company said it took this step to provide the Antitrust Division of the U.S. Department of Justice additional time for review. The initial filing was made on July 21, 2025, and the new waiting period will expire at 11:59 p.m. Eastern time on August 22, 2025.

As a result of the refiling, Home Depot is extending its tender offer for GMS shares from August 8 to August 22, 2025. The all-cash offer of $110.00 per share was initially announced on July 14, 2025, following a merger agreement dated June 29, 2025.

According to the depositary for the tender offer, approximately 13,208,330 GMS shares have been validly tendered as of August 6, representing about 34.7% of outstanding shares. Stockholders who have already tendered their shares do not need to take any further action due to the extension.

The tender offer remains subject to various conditions, including the expiration or termination of the waiting period under the HSR Act. All other terms and conditions of the offer will remain unchanged during the extended period.

Home Depot operates more than 2,350 retail stores across the United States, Canada, and Mexico, along with over 800 branches and more than 325 distribution centers.

The information in this article is based on a press release statement from Home Depot.

In other recent news, Home Depot has announced its agreement to acquire GMS for $110 per share, totaling an enterprise value of approximately $5.5 billion. This acquisition has caught the attention of several analyst firms, including Truist Securities, which reiterated a Buy rating and maintained a price target of $417.00, noting the potential for significant synergies and cyclical recovery benefits. Similarly, DA Davidson and UBS have both reiterated their Buy ratings, with price targets of $450.00 and $475.00 respectively, highlighting the expected benefits of the acquisition. Fitch Ratings has affirmed Home Depot’s Long-Term Issuer Default Rating at ’A’, indicating a stable outlook despite the acquisition, which is expected to slightly increase leverage in the short term.

In addition to the acquisition news, Home Depot has been gaining market share in the appliance category, as reported by Stifel in their monthly Appliance Category Update. This sector accounts for a notable portion of Home Depot’s revenue, with significant pricing acceleration observed. The acquisition of GMS and the company’s ongoing market share gains in appliances are seen as strategic moves to strengthen Home Depot’s position in the home improvement sector. These developments reflect Home Depot’s strategic efforts to enhance its market presence and financial performance.

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