PGTI - Why Window Company PGT Innovations Shares Are Surging Today | Benzinga
PGT Innovations Inc (NYSE: PGTI) and Masonite International Corp (NYSE: DOOR) shares are rising and declining, respectively, today following the acquisition deal.
As per the deal, doors maker Masonite will acquire PGT Innovations, a designer and manufacturer of patio door and window solutions, for a combination of cash and Masonite shares for a total value of $3.0 billion.
As per the terms of the agreement, PGTI shareholders will receive $41.00 per share they own, comprising $33.50 in cash and $7.50 in common shares of Masonite.
The per-share consideration represents a premium of about 24% to PGT Innovations' 30-day volume-weighted average share price.
Post transaction completion, Masonite shareholders will own about 84% of the combined company, with PGT Innovations shareholders taking the rest.
With the inclusion of PGT Innovations, Masonite will have complementary ...