Home Depot to Buy U.S. Home Systems for $94.9M
The Home Depot said Tuesday it agreed to acquire U.S. Home Systems Inc. for $94.9 million in an effort to expand its kitchen and bath resurfacing offerings. Atlanta-based Home Depot will pay $12.50 per share in cash for U.S. Home Systems, or about $94.9 million. U.S. Home Systems had about 7.6 million shares outstanding as of March 31. The offer is a 38 percent premium over its closing share price of $9.06 on Monday. The news sent the stock up $3.35, or 37 percent, to $12.41 in morning trading.