Latest news with #Turner
CNBC
4 hours ago
- Business
- CNBC
Home Depot and billionaire Brad Jacobs's QXO go head-to-head in possible hostile bid for GMS
Billionaire Brad Jacobs' new building-products distributor QXO offered to acquire GMS for about $5 billion in cash and said it will proceed with a hostile takeover if the company's management rejects the proposal. This is Jacobs's second hostile takeover threat in the building sector this year and part of his plan to turn QXO into a $50 billion revenue building-products distributor within a decade. Home improvement chain Home Depot has also made an offer for GMS, The Wall Street Journal reported on Thursday, citing people familiar with the matter. Spokespersons for Home Depot and GMS declined to comment on the report. The Jacobs's offer comes three months after QXO clinched an $11 billion deal to buy Beacon Roofing Supply, ending a prolonged takeover battle for the roofing company and significantly expanding its footprint in the U.S. and Canada. An acquisition of GMS would expand QXO's market from roofs into house interior materials, including drywall. QXO's proposal is still technically in the friendly phase, but Jacobs said that if GMS's board did not accept the offer by June 24, QXO was prepared to bypass management. "If you choose not to engage ... we are prepared to take our offer directly to GMS's shareholders who we're confident will find the offer attractive," Jacobs said in a letter sent to GMS Chief Executive Officer John Turner. In similar comments made during his takeover offer to Beacon, Jacobs said GMS was poorly managed and could be more profitable to shareholders under his command. Georgia-based GMS said in a statement on Thursday that it has received an unsolicited proposal from QXO that will be reviewed by its board. It did not immediately respond to a Reuters request for comment. GMS operates a network of more than 300 distribution centers and its product lineup includes wallboard, ceilings, steel framing and gypsum. Both Beacon and GMS operate primarily in the U.S., with additional presence in Canada. The U.S. building industry, mostly locally sourced and fairly protected from tariffs, is undergoing consolidation. QXO said it offered $95.20 per share for all outstanding shares of GMS, a premium of about 17% over the company's closing price on Wednesday. In the letter, Jacobs disclosed he first approached Turner in June last year, with conversations continuing until at least May 22, when the two CEOs met in New York. Jacobs added his decision to take the offer public came after GMS's shares rose following market speculation over a potential QXO acquisition. The offer represents a 29% premium over GMS's value on May 22, he said. On Wednesday, before the offer was made public, shares of GMS hit their highest level in almost five months after the company reported upbeat quarterly results and announced an additional $25 million in annualized cost reductions. Jacobs said that following the private talks with Turner, he had heard from industry participants that J.P. Morgan and Jefferies bankers had been aggressively trying to find other suitors to buy GMS. Goldman Sachs and Morgan Stanley are acting as financial advisers to QXO. And Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. Jacobs has built an empire of multibillion-dollar companies spanning industries from logistics to waste management and equipment rentals by acquiring companies in industries undergoing consolidation, and spinning some of them off at a higher value. QXO was a relatively small software company until 2023, when Jacobs invested about $1 billion and renamed and repurposed it.
Time of India
8 hours ago
- Business
- Time of India
Brad Jacobs' QXO offers $5 billion for GMS, threatens to go hostile
NEW YORK | BENGALURU: Billionaire Brad Jacobs ' new building-products distributor QXO made an offer on Wednesday to acquire GMS for about $5 billion in cash and said it will proceed with a hostile takeover if the company's management rejects the proposal. This is Jacobs's second hostile takeover threat in the building sector this year and part of his plan to turn QXO into a $50 billion revenue building-products distributor within a decade. The offer comes three months after QXO clinched an $11 billion deal to buy Beacon Roofing Supply , ending a prolonged takeover battle for the roofing company and significantly expanding its footprint in the U.S. and Canada. An acquisition of GMS would expand QXO's market from roofs into house interior materials, including drywall. QXO's proposal is still technically in the friendly phase, but Jacobs said that if GMS's board did not accept the offer by June 24, QXO was prepared to bypass management. "If you choose not to engage ... we are prepared to take our offer directly to GMS's shareholders who we're confident will find the offer attractive," Jacobs said in a letter sent to GMS Chief Executive Officer John Turner. In similar comments made during his takeover offer to Beacon, Jacobs said GMS was poorly managed and could be more profitable to shareholders under his command. Georgia-based GMS said in a statement on Thursday that it has received an unsolicited proposal from QXO that will be reviewed by its board. It did not immediately respond to a Reuters request for comment. GMS operates a network of more than 300 distribution centers and its product lineup includes wallboard, ceilings, steel framing and gypsum. Both Beacon and GMS operate primarily in the U.S., with additional presence in Canada. The U.S. building industry, mostly locally sourced and fairly protected from tariffs, is undergoing consolidation. Speculation QXO said it offered $95.20 per share for all outstanding shares of GMS, a premium of about 17% over the company's closing price on Wednesday. In the letter, Jacobs disclosed he first approached Turner in June last year, with conversations continuing until at least May 22, when the two CEOs met in New York. Jacobs added his decision to take the offer public came after GMS's shares rose following market speculation over a potential QXO acquisition. The offer represents a 29% premium over GMS's value on May 22, he said. On Wednesday, before the offer was made public, shares of GMS hit their highest level in almost five months after the company reported upbeat quarterly results and announced an additional $25 million in annualized cost reductions. Jacobs said following the private talks with Turner, he heard from industry participants that J.P. Morgan and Jefferies bankers had been aggressively trying to find other suitors to buy GMS. Home improvement chain Home Depot has also made an offer for GMS, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Spokespersons for Home Depot and GMS declined to comment on the report. Goldman Sachs and Morgan Stanley are acting as financial advisers to QXO. And Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. Jacobs has built an empire of multibillion-dollar companies spanning industries from logistics to waste management and equipment rentals by acquiring companies in industries undergoing consolidation, and spinning some of them off at a higher value. QXO was a relatively small software company until 2023, when Jacobs invested about $1 billion and renamed and repurposed it.
Leader Live
9 hours ago
- Entertainment
- Leader Live
‘Door open' for Arctic Monkeys' Alex Turner to play at music venue's final gig
Kane, 39, who plays with Turner in The Last Shadow Puppets, is due to play the venue's last gig on June 27, after The Leadmill announced it would have to leave its premises in the South Yorkshire city after losing a long-running eviction battle with its landlord, Electric Group. Arctic Monkeys played several early shows at the venue before the release of their first album, Whatever People Say I Am That's What I'm Not, and Kane has said he would welcome Turner's return to the stage during an interview with Radio X. Asked whether the Sheffield-born singer, who is also 39, would join him, Kane said: 'Well, he's redecorating it (The Leadmill) at the minute, so he's making it all leopard print for us, because, you know, it's got to be done by hand. 'My door's always open for my bro, he knows that, and that's that.' Turner has not performed live since Arctic Monkeys' last gig on their tour in support of latest album The Car (2022) in 2023. The duo have seen both of their albums with The Last Shadow Puppets reach number one in the UK albums chart, and Kane said it would be an 'honour' to play The Leadmill's last gig having performed there throughout his career. He told Radio X: 'It's served me well, and Sheffield as a city as well has always had my back with gigs, that'd be one of the first to sell out or whatever. 'So, it's a complete honour, and let's give it a good send-off. I think it'll be a very special night, and it always pops off in there, and hopefully next Friday it won't be any different.' Arctic Monkeys have seen six of their seven albums reach number one, and two of their singles reach the peak of the UK singles chart in I Bet You Look Good On The Dancefloor and When The Sun Goes Down. The band performed I Bet You Look Good On The Dancefloor and a cover of The Beatles' Come Together at the opening ceremony of the London Olympic Games in 2012, and have also headlined Glastonbury on three occasions, in 2007, 2013 and 2023.
North Wales Chronicle
9 hours ago
- Entertainment
- North Wales Chronicle
Exhibition launched to mark 250th anniversary of the birth of JMW Turner
Petworth House in West Sussex, where the artist visited on many occasions between 1827 and 1837, is hosting the exhibition, which adds to its own collection, which is the largest display of his work outside of London. A National Trust spokeswoman said: 'With an additional rarely seen pieces, the exhibition includes oil paintings and works on paper, on loan from Tate and several private lenders. 'They give a fascinating insight into Turner's artistic approach, his experiments with colour, light and atmosphere – as well as his relationship with Petworth and Petworth's owner, George O'Brien Wyndham, 3rd Earl of Egremont. 'Visitors can explore the Lancelot 'Capability' Brown designed parkland at Petworth to see the landscape which had such an impact on Turner.' Dr Emily Knight, property curator at Petworth House: 'Turner produced an astonishing body of work at Petworth. From the numerous small sketches to the finished oil paintings, the landscape became an enduring source of inspiration. 'The exhibition will add to people's understanding of Petworth and show how it played a significant role in his life and career.' Along with the exhibition, Petworth will be hosting a number of events, including a Summer Solstice evening on June 21 and a series of creative workshops led by West Dean College. John Chu, the National Trust's senior national curator for paintings, said: 'Petworth was an inspiration for Turner over several decades. 'The unique combination of landscape, art and friendship he enjoyed there left an indelible mark on his creativity. The artworks in this exhibition will be a rare opportunity to see the place through his eyes and hopefully be an inspiration for our visitors too.' The exhibition called Turner's Vision At Petworth runs from June 21 to November 16 2025.
South Wales Guardian
9 hours ago
- Entertainment
- South Wales Guardian
Exhibition launched to mark 250th anniversary of the birth of JMW Turner
Petworth House in West Sussex, where the artist visited on many occasions between 1827 and 1837, is hosting the exhibition, which adds to its own collection, which is the largest display of his work outside of London. A National Trust spokeswoman said: 'With an additional rarely seen pieces, the exhibition includes oil paintings and works on paper, on loan from Tate and several private lenders. 'They give a fascinating insight into Turner's artistic approach, his experiments with colour, light and atmosphere – as well as his relationship with Petworth and Petworth's owner, George O'Brien Wyndham, 3rd Earl of Egremont. 'Visitors can explore the Lancelot 'Capability' Brown designed parkland at Petworth to see the landscape which had such an impact on Turner.' Dr Emily Knight, property curator at Petworth House: 'Turner produced an astonishing body of work at Petworth. From the numerous small sketches to the finished oil paintings, the landscape became an enduring source of inspiration. 'The exhibition will add to people's understanding of Petworth and show how it played a significant role in his life and career.' Along with the exhibition, Petworth will be hosting a number of events, including a Summer Solstice evening on June 21 and a series of creative workshops led by West Dean College. John Chu, the National Trust's senior national curator for paintings, said: 'Petworth was an inspiration for Turner over several decades. 'The unique combination of landscape, art and friendship he enjoyed there left an indelible mark on his creativity. The artworks in this exhibition will be a rare opportunity to see the place through his eyes and hopefully be an inspiration for our visitors too.' The exhibition called Turner's Vision At Petworth runs from June 21 to November 16 2025.
