# EDGAR Filing Document

**Accession Number:** 0001600438
**File Stem:** 0001104659-25-064147
**Filing Date:** 2025-6
**Character Count:** 66221
**Document Hash:** 938f4a03ded7b1b506b7be1d2ba99d8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064147.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001104659-25-064147

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GMS Inc.
- **CENTRAL INDEX KEY:** 0001600438
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89877
- **FILM NUMBER:** 251092487

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084
- **BUSINESS PHONE:** 800-392-4619

**MAIL ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GYP Holdings I Corp.
- **DATE OF NAME CHANGE:** 20140218
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GMS Inc.
- **CENTRAL INDEX KEY:** 0001600438
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084
- **BUSINESS PHONE:** 800-392-4619

**MAIL ADDRESS:**
- **STREET 1:** 100 CRESCENT CENTRE PARKWAY
- **STREET 2:** SUITE 800
- **CITY:** TUCKER
- **STATE:** GA
- **ZIP:** 30084

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GYP Holdings I Corp.
- **DATE OF NAME CHANGE:** 20140218

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14D-9**

**(RULE 14d-101)**

**SOLICITATION/RECOMMENDATION STATEMENT**

**UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934**

**GMS INC.**

(Name of Subject Company)

**GMS INC.**

(Name of Persons Filing Statement)

**Common Stock, par value $0.01 per share**

(Title of Class of Securities)

**36251C103**

(CUSIP Number of Class of Securities)

**Craig D. Apolinsky**

**Senior Vice President, General Counsel and Corporate Secretary**

**100 Crescent Centre Parkway, Suite 800**

**Tucker, Georgia 30084**

**(800) 392-4619**

(Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications on Behalf of the Persons Filing Statement)

***Copy to:***

**W. Scott Ortwein**

**Justin R. Howard**

**Kyle G. Healy**

**Alston & Bird LLP**

**One Atlantic Center**

**1201 West Peachtree Street**

**Atlanta, Georgia 30309**

**(404) 881-7000**

⌧ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

This Schedule 14D-9 filing consists of certain communications relating to the proposed acquisition of GMS Inc., a Delaware corporation (the "Company"), by The Home Depot, Inc., a Delaware corporation ("Parent"), pursuant to the terms of an Agreement and Plan of Merger, dated as of June 29, 2025, by and among the Company, Parent and Gold Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub").

This Schedule 14D-9 filing consists of the following documents relating to the proposed tender offer (the "Offer") and merger (the "Merger"):

[i.](tm2519400d3_ex99-1.htm) [Exhibit 99.1: Customer Letter](tm2519400d3_ex99-1.htm) <br>[ii.](tm2519400d3_ex99-2.htm) [Exhibit 99.2: Vendor Partner Letter](tm2519400d3_ex99-2.htm)

[iii.](tm2519400d3_ex99-3.htm) [Exhibit 99.3: Team Member Letter](tm2519400d3_ex99-3.htm)

[iv.](tm2519400d3_ex99-4.htm) [Exhibit 99.4: Team Member FAQ](tm2519400d3_ex99-4.htm)

[v.](tm2519400d3_ex99-5.htm) [Exhibit 99.5: Investor / Analyst Courtesy Email](tm2519400d3_ex99-5.htm)

[vi.](tm2519400d3_ex99-6.htm) [Exhibit 99.6: LinkedIn Posts](tm2519400d3_ex99-6.htm)

The materials listed above were first used or made available on June 30, 2025.

The information set forth under Items 1.01, 7.01 and 9.01 of the Current Report on Form 8-K filed by the Company on June 30, 2025 (including all exhibits attached thereto) is incorporated herein by reference.

**Additional Information and Where to Find It**

The tender offer described herein has not yet commenced. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of the Company or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by Parent and Merger Sub, and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by the Company. The offer to purchase common stock of the Company will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by the Company, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on the Company's internet website at https://investor.gms.com.

**Cautionary Note Regarding Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the Offer, the Merger and related transactions, including, for example, the timing of the completion of the Merger and the potential benefits of the Merger, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, the Company's actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the Offer and the Merger; (ii) uncertainties as to how many Company stockholders will tender their Shares in the Offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that the Company will terminate the Merger Agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the Merger Agreement may not be satisfied or waived; (vi) the risk that the Merger Agreement may be terminated in circumstances requiring the Company to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on the Company's relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in the Company's public filings with the SEC, including the "Risk Factors" sections of the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025 and in the Company's subsequent filings with the SEC, as well as the tender offer materials filed and to be filed by Parent and Merger Sub in connection with the Offer and the solicitation/recommendation statement to be filed by the Company. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.1

Exhibit 99.1

**TO**: GMS Customers

**FROM**: GMS on Behalf of Our Subsidiaries

**SUBJECT**: GMS Enters into Agreement with The Home Depot to Be Acquired by SRS Distribution

Dear Valued Customer,

I am reaching out with exciting news about the future of GMS. Today, we announced an agreement with The Home Depot® to be acquired by its specialty trade distribution subsidiary, SRS Distribution, as it continues to expand its offerings and capabilities to better serve professional contractors. You can read our press release <u>here</u>.

Joining forces with SRS and The Home Depot is an important step for GMS. Our team has earned the reputation of consistently executing with focus on our strategic pillars to expand our business and the products and solutions we provide to our customers. For both commercial and residential customers, we have grown our business by opening locations in existing and new areas across the U.S. and Canada – expanding our national reach to enhance our services while maintaining our local go-to-market focus. Throughout our evolution and expansion, we have never strayed from our commitment to be the best distributor in our end markets by consistently providing outstanding service and value for our customers by creating solutions that meet your needs.

The Home Depot is a company and brand that you likely know very well, and you may be aware that it acquired SRS last year. With the addition of GMS' wallboard, ceilings, steel framing and complementary product categories, SRS will broaden its existing offerings for professional contractors. Both SRS and The Home Depot have great respect for the strong business we have built at GMS, and the new products and capabilities we can bring to their professional contractor customer offerings. Importantly, GMS, SRS and The Home Depot also share core values that include an entrepreneurial attitude, commitment to building strong relationships, delivering excellent service and believing you can never go wrong doing the right thing. We are confident that, together with SRS, we will be in an even stronger position to serve you for years to come.

I want to emphasize that today's announcement is only the beginning, and nothing changes today at GMS or any of our subsidiary companies. Following close, JT, along with our senior leadership team, will continue to lead GMS as part of the SRS organization. We expect the transaction to close by the end of The Home Depot's current fiscal year (January 31, 2026), subject to the receipt of required regulatory approvals and other customary closing conditions. Until that time, GMS will continue to operate separately and independently from SRS and The Home Depot. Put simply, it remains business as usual and there are no changes to how we work with you.

We look forward to continuing to do business with you and are confident that this transaction will allow us to better serve you well into the future.

We deeply value our relationship with you and appreciate your continued support.

Sincerely,

![](tm2519400d3_ex99-1img001.jpg)

John C. Turner, Jr.

President & CEO

GMS Inc.

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at <u>www.sec.gov</u> or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at <u>https://investor.gms.com</u>.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.2

Exhibit 99.2

**TO**: GMS Vendor Partners

**FROM**: GMS on Behalf of Our Subsidiaries

**SUBJECT**: GMS Enters into Agreement with The Home Depot to Be Acquired by SRS Distribution

Dear Valued Partner,

I am reaching out with exciting news about the future of GMS. Today, we announced an agreement with The Home Depot® to be acquired by its specialty trade distribution subsidiary, SRS Distribution, as it continues to expand its offerings and capabilities to better serve professional contractors. You can read our press release <u>here</u>.

Joining forces with SRS and The Home Depot is an important step for GMS. Our team has earned the reputation of consistently executing with focus on our strategic pillars to expand our business and the products and solutions we provide to our customers. For both commercial and residential customers, we have grown our business by opening locations in existing and new areas across the U.S. and Canada – expanding our national reach to enhance our services while maintaining our local go-to-market focus. Throughout our evolution and expansion, we have never strayed from our commitment to be the best distributor in our end markets by consistently providing outstanding service and value for our customers by creating solutions that meet their needs.

The Home Depot is a company and brand that you undoubtedly know very well, and you may be aware that it acquired SRS last year. GMS' categories of wallboard, ceilings and steel framing are highly complementary with SRS' business. Both SRS and The Home Depot have great respect for the strong business we have built at GMS, and the products and capabilities we can bring to their professional contractor customer offerings. Importantly, GMS, SRS and The Home Depot also share core values that include an entrepreneurial attitude, commitment to building strong relationships, delivering excellent service and believing you can never go wrong doing the right thing. We are confident that, together with SRS, we will be an even better, stronger partner to you for years to come.

I want to emphasize that today's announcement is only the beginning, and nothing changes today at GMS or any of our subsidiary companies. Following close, JT, along with our senior leadership team, will continue to lead GMS as part of the SRS organization. We expect the transaction to close by the end of The Home Depot's current fiscal year (January 31, 2026), subject to the receipt of required regulatory approvals and other customary closing conditions. Until that time, GMS must continue to operate separately and independently from SRS and The Home Depot. Put simply, it remains business as usual and there are no changes to how we work with you.

As an important vendor partner to GMS, you play a key role in helping us provide exceptional products and service to our customers, and your continued support will promote our mutual success. We will keep you informed as we move towards closing.

We deeply value our relationship with you and appreciate your continued partnership.

Sincerely,

![](tm2519400d3_ex99-2img001.jpg)

John C. Turner, Jr.

President & CEO

GMS Inc.

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at <u>www.sec.gov</u> or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at <u>https://investor.gms.com</u>.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.3

Exhibit 99.3

GMS Team Members,

Today is a momentous day in GMS' journey. This morning, we announced an agreement with The Home Depot® to be acquired by its specialty trade distribution subsidiary, SRS Distribution, as it continues to expand its offerings and capabilities to better serve professional contractors. You can read our press release <u>here</u>.

Joining forces with SRS and The Home Depot is an important step for GMS – and it is your hard work and dedication that has made this transaction possible. We have worked consistently to execute on our strategic pillars to expand sales of our core products, grow complementary products, expand our platform and drive improved productivity and profitability. Throughout our evolution and expansion, we have never strayed from our commitment to be the best distributor in our end markets by consistently providing outstanding service and value for our customers by creating solutions that meet their needs. I am proud of the strong culture this team has built and the values everyone lives up to every day.

The teams at both SRS and The Home Depot have great respect for the strong business we have built at GMS. I have known members of The Home Depot's leadership for some time and have had the opportunity to learn more about its organization through the process to reach this transaction. Importantly, GMS, SRS and The Home Depot share core values that include an entrepreneurial attitude, building strong relationships, delivering excellent service and believing you can never go wrong doing the right thing. They also share our deep commitment to giving back to our communities and taking care of our people above all else. To that end, they are excited to welcome our entire GMS team and work together to capitalize on the exciting opportunity ahead.

As the world's largest home improvement specialty retailer, The Home Depot is a company and brand that we all know very well, but I want to provide some further insights about its organization and SRS. You may know that, last year, The Home Depot acquired SRS, a leading specialty trade distributor across multiple verticals, including roofing, landscaping and pool supplies, all of which are highly complementary to our business at GMS. In bringing GMS together with SRS, our combined network will comprise more than 1,200 locations and a fleet of more than 8,000 trucks across 48 states and six Canadian provinces. We will have a differentiated team, capabilities and products to add even more value for our customers. As part of a larger company with greater resources, we are confident that we are positioning GMS to accelerate our growth, while honoring the legacy of our founders who made all of this possible.

I recognize this transaction represents a change for our organization, but I want to emphasize that today's announcement is only the beginning, and nothing changes today. We expect the transaction to close by the end of The Home Depot's current fiscal year (January 31, 2026), subject to the receipt of required regulatory approvals and other customary closing conditions. Until that time, GMS must continue to operate separately and independently from SRS and The Home Depot. We can plan for integration, but we cannot integrate or work jointly with The Home Depot or SRS until the transaction is completed. Put simply, it remains business as usual for all of us. You should not expect any impact to your day-to-day responsibilities, and we should all remain focused on executing and serving our customers as we always have.

Following close, I, along with our senior leadership team, will continue to lead GMS, reporting to Dan Tinker, CEO of SRS. There are many other details still to be determined about how our companies will come together, and we don't yet have all of the answers. I will host a virtual town hall at 2:00 PM ET today to share additional thoughts on the transaction and will do my best to answer some of your questions then. We are committed to being transparent in our communications with you as we move forward toward completing this transaction.

I want to reiterate how proud I am to be part of GMS, and of the hard work and dedication demonstrated by the GMS team that has made today's milestone possible. Thank you for all you do, and I hope you're as excited about the future as I am.

Sincerely,

JT

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at <u>www.sec.gov</u> or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at <u>https://investor.gms.com</u>.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.4

Exhibit 99.4

![](tm2519400d3_ex99-4img001.jpg)

**Team Member FAQ**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **What was announced?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· GMS announced an agreement with The Home Depot to be acquired by its specialty
trade distribution subsidiary, SRS Distribution. Under the terms of the merger agreement, a subsidiary of SRS will commence a cash tender
offer to purchase all outstanding shares of GMS common stock for $110.00 per share, reflecting a total equity value of approximately $4.265
billion and implying a total enterprise value (including net debt) of approximately $5.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This transaction marks an important step for GMS and is a testament to our
team's hard work and dedication and to the Company's history and reputation for excellent customer service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Together with SRS and The Home Depot, we believe that GMS will be in an even
stronger position for long-term success as part of a larger organization with greater resources and opportunity for growth.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Why SRS and The Home Depot? Why now?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Joining forces with SRS and The Home Depot is an important step for GMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our team has earned the reputation of consistently executing with focus on
our strategic pillars to expand sales of core products, grow complementary products, expand our business and drive improved productivity
and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In SRS and The Home Depot, we have identified partners that have great respect
for the strong business we have built at GMS, and the products and capabilities we can bring to their professional contractor customer
offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS and The Home Depot value the platform we have established expanding our
national reach, combined with our local go-to-market focus that serves commercial and residential customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Importantly, GMS, SRS and The Home Depot share core values that include an
entrepreneurial attitude, building strong relationships, delivering excellent service and believing you can never go wrong doing the right
thing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Together with SRS and The Home Depot, we believe that GMS will be in an even
stronger position for long-term success as part of a larger organization with greater resources and opportunity for growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are excited to join SRS and The Home Depot family and look forward to
collectively being able to provide an even wider breadth of product and service offerings while delivering superior value to our professional
contractor customers.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **What are the benefits of the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This transaction marks an important step for GMS and is a testament to our
team's hard work and dedication and to the Company's history and reputation for excellent customer service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Together with SRS and The Home Depot, we believe that GMS will be in an even
stronger position for long-term success as part of a larger organization with greater resources and opportunity for growth.

![](tm2519400d3_ex99-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are confident that as part of SRS and The Home Depot, we will be better
able to fulfill our commitment to be the best distributor in our end markets by consistently providing outstanding service and value for
our customers by creating solutions that meet their needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are excited to join SRS and The Home Depot family and look forward to
collectively being able to provide an even wider breadth of product and service offerings while delivering superior value to our professional
contractor customers.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Does this transaction impact GMS' strategy moving forward?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our team has earned the reputation of consistently executing with focus on
our strategic pillars to expand sales of core products, grow complementary products, expand our business and drive improved productivity
and profitability – all while keeping the customer at the center of what we do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In SRS and The Home Depot, we have identified partners that have great respect
for the strong business we have built at GMS, and the products and capabilities we can bring to their professional contractor customer
offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are confident that as part of SRS and The Home Depot, we will be better
able to fulfill our commitment to be the best distributor in our end markets by consistently providing outstanding service and value for
our customers by creating solutions that meet their needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Together with SRS and The Home Depot, we believe that GMS will be in an even
stronger position for long-term success as part of a larger organization with greater resources and opportunity for growth.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **When is the transaction expected to close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction is expected to close by the end of The Home Depot's current
fiscal year (January 31, 2026), subject to customary closing conditions, including regulatory approvals and the tender of a majority
of the shares of GMS common stock then outstanding (on a fully diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Will GMS leadership stay with the company after the transaction closes? What will JT's role be going forward?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Following close, JT and our senior leadership team will continue to lead
GMS as part of the SRS organization, reporting to Dan Tinker, CEO of SRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There are many other details still to be determined about how the two companies
will come together, and we don't yet have all of the answers.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Will GMS retain its company name? What about our subsidiary company names?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is important to keep in mind that this announcement is only the beginning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There are many things still to be determined about how the two companies
will come together, and we don't yet have all of the answers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction is expected to close by the end of The Home Depot's current
fiscal year (January 31, 2026), subject to customary closing conditions, including regulatory approvals and the tender of a majority
of the shares of GMS common stock then outstanding (on a fully diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Until such time, GMS must continue to operate separately and independently
from SRS and The Home Depot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Put simply, it remains business as usual for all of us.

![](tm2519400d3_ex99-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **How will GMS be integrated into The Home Depot?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Following close, JT and our senior leadership team will continue to lead
GMS as part of the SRS organization, reporting to Dan Tinker, CEO of SRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS looks forward to welcoming the entire GMS team and capitalizing on the
exciting opportunity ahead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is important to keep in mind that this announcement is only the beginning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There are many things still to be determined about how the two companies
will come together, and we don't yet have all of the answers **.** 

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Why is SRS / The Home Depot a good fit for GMS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Joining forces with SRS and The Home Depot is an important step for GMS –
and it is your hard work and dedication and the outstanding reputation of the Company that has made this transaction possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS and The Home Depot have great respect for the strong business we have
built at GMS, and the products and capabilities we can bring to their professional contractor customer offerings as they focus on delivering
a best-in-class value proposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS and The Home Depot value the platform we have established expanding our
national reach combined with our local go-to-market focus that serves commercial and residential customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Importantly, GMS, SRS and The Home Depot share core values that include an
entrepreneurial attitude, building strong relationships, delivering excellent service and believing you can never go wrong doing the right
thing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS and The Home Depot also share our deep commitment to giving back to our
communities and taking care of our people above all else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To that end, they are excited to welcome our entire team and capture the
exciting opportunity ahead.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Who is SRS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS is a leading specialty trade distributor across multiple verticals, including
roofing, landscaping and pool supplies – which are all highly complementary to our business at GMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Like GMS, SRS operates under multiple independent brands and offers local
relationships that customers want, while providing the support of a national organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Once the transaction is closed, we will have a combined network of more than
1,200 locations and a fleet of more than 8,000 trucks across 48 states and six Canadian provinces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In bringing GMS together with SRS, we will have a differentiated team, and
an even wider breadth of capabilities and products that will enable us to add even more value for our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Importantly, our companies also share similar core values, and SRS and The
Home Depot share our deep commitment to taking care of our people above all else.

![](tm2519400d3_ex99-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **What does this mean for team members?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This announcement is only the beginning, and nothing changes immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The transaction is expected to close by the end of The Home Depot's current
fiscal year (January 31, 2026), subject to customary closing conditions, including regulatory approvals and the tender of a majority
of the shares of GMS common stock then outstanding (on a fully diluted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Until such time, GMS must continue to operate separately and independently
from SRS and The Home Depot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Put simply, it remains business as usual for all of us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You should not expect any impact to your day-to-day responsibilities, and
we should all remain focused on executing and serving our customers as we always have.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **How does GMS' culture compare to The Home Depot's and SRS'?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In SRS and The Home Depot, we have found partners that have great respect
for the strong business we have built at GMS, and the products and capabilities we can bring as they continue to expand SRS' offerings
to better serve professional contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Importantly, GMS, SRS and The Home Depot share core values that include an
entrepreneurial attitude, building strong relationships, delivering excellent service and believing you can never go wrong doing the right
thing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SRS and The Home Depot also share our deep commitment to giving back to our
communities and taking care of our people above all else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We are confident SRS and The Home Depot are the right partners to help further
propel GMS forward.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Will there be any changes to compensation or benefits? How will this affect my 401(k) plan?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Until the transaction closes, we will continue to operate under our current
compensation and benefits programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To the extent any changes are made after the transaction closes, those will
be communicated as the decisions are made.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Will there be any changes to my role or responsibilities?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You should not expect any impact to your day-to-day responsibilities, and
we should all remain focused on executing and serving our customers as we always have.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Will there be changes to reporting relationships as a result of the transaction? If so, do you know how teams will be reorganized and staffed?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Until the close of the transaction, roles, reporting relationship and responsibilities
remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To the extent any changes are made after the transaction closes, those will
be communicated as the decisions are made.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **What will happen to the GMS stock I own? Can I sell it?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Most employees can continue to buy and sell GMS stock according to company
policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon completion of the transaction, your shares will be valued at $110.00
per share.

![](tm2519400d3_ex99-4img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· At that point, you will receive $110.00 in cash for each share of GMS common
stock that you own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain employees will be trading restricted based on their involvement with
the transaction. Those employees will be communicated with directly.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **What should I tell suppliers and customers who ask me about this announcement?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You can let them know that nothing is changing and there are no changes to
how we work with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We remain as committed as ever to being the best distributor in our end markets
by consistently providing outstanding service and value for our customers by creating solutions that meet their needs.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **What should I do if a SRS or The Home Depot employee contacts me with questions or requests for information? Can I contact employees from SRS or The Home Depot?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Until the closing of the transaction, GMS and SRS and The Home Depot will
continue to operate as separate entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As such, no confidential information may be shared at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All information shared with SRS and The Home Depot should come at the discretion
of GMS' management and legal team.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Will our corporate HQ still be moving?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Yes. We are still moving and will begin working out of our new location beginning
on Monday July 14th. It is business as usual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For corporate employees, please refer to the move materials you have received
from Leslie Meriwether, Holly Boyles and/or your Department's Move Ambassador(s) if you have questions specific to this matter.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **What should I do if I receive an inquiry from media, analysts or investors?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Should
 you receive any external inquiries regarding this matter, please direct them to Carey Phelps
 at <u>Carey.Phelps@gms.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Who should I reach out to if I have additional questions?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you have any additional questions, please direct them to your manager.

![](tm2519400d3_ex99-4img001.jpg)

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at https://investor.gms.com.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.5

Exhibit 99.5

**TO:** GMS Investors / Analysts

**FROM:** Carey Phelps

**SUBJECT**: GMS Enters into Agreement with The Home Depot to Be Acquired by SRS Distribution

This morning, we announced that GMS has entered into a definitive agreement with The Home Depot**®** to be acquired by its specialty trade distribution subsidiary, SRS Distribution. Under the terms of the agreement, a subsidiary of SRS will commence a tender offer to acquire all outstanding shares of GMS common stock for $110.00 per share, for a total enterprise value (including net debt) of approximately $5.5 billion. The press release we issued is linked <u>here</u> .

If you would like to connect directly to discuss this announcement, please reply to this email and I will be glad to schedule time.

Sincerely,

Carey Phelps

Vice President Investor Relations

GMS Inc.

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at <u>www.sec.gov</u> or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at <u>https://investor.gms.com</u>.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

## Exhibit 99.6

**Exhibit 99.6**

**LinkedIn Post:** 

*GMS Inc. posted to its LinkedIn account the following:*![](tm2519400d3_ex99-6img001.jpg)

**LinkedIn Post:**

*John Turner, Jr. posted to his LinkedIn account the following:*

![](tm2519400d3_ex99-6img002.jpg)

**Additional Information**

Under the terms of the acquisition agreement, Gold Acquisition Sub, Inc., a subsidiary of The Home Depot, Inc. and SRS Distribution, Inc., will commence a cash tender offer to purchase all of the outstanding shares of GMS' common stock. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of GMS or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the "SEC") by The Home Depot, Inc. and Gold Acquisition Sub, Inc., and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by GMS. The offer to purchase common stock of GMS will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF GMS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at <u>www.sec.gov</u> or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO. Copies of the documents filed with the SEC by GMS, including the solicitation/recommendation statement on Schedule 14D-9, will be available free of charge on GMS' internet website at <u>https://investor.gms.com</u>.

**Forward-Looking Statements**

This document, including the exhibits attached hereto and incorporated herein, contains forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. Generally, these statements may be identified by the use of words such as "expect," "intend," "anticipate," "believe," "estimate," "potential," "should" or similar words. These forward-looking statements are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the acquisition and related transactions, including, for example, the timing of the completion of the acquisition and the potential benefits of the acquisition, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, GMS' actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the acquisition; (ii) uncertainties as to how many GMS stockholders will tender their shares in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that GMS will terminate the acquisition agreement to enter into an alternative transaction; (v) the possibility that various closing conditions for the transactions contemplated by the acquisition agreement may not be satisfied or waived; (vi) the risk that the acquisition agreement may be terminated in circumstances requiring GMS to pay a termination fee; (vii) the potential impact of the announcement or consummation of the proposed transactions on GMS' relationships, including with employees, suppliers and customers; and (viii) the other factors and financial, operational and legal risks or uncertainties described in GMS' public filings with the SEC, including the "Risk Factors" section of GMS' Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as well as the tender offer materials filed and to be filed by The Home Depot, Inc. and Gold Acquisition Sub, Inc. in connection with the tender offer and the solicitation/recommendation statement to be filed by GMS. GMS disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.