PGTI - Miter Brands to buy PGT Innovations for $42/share in cash after outbidding Masonite

2024-01-17 09:26:57 ET

Miter Brands agreed to buy PGT Innovations ( NYSE: PGTI ) for $42 a share in cash after outbidding a rival offer from Masonite ( NYSE: DOOR ).

The purchase price represents a 60% premium to PGTI's unaffected closing share price on Oct. 9, the last trading day prior to disclosure of an acquisition offer for PGTI.

PGTI also announced that it terminated its merger agreement with Masonite ( DOOR ), according to a statement on Wednesday.

The Miter $3.1 billion deal comes after PGT Innovations ( PGTI ) disclosed last Monday that it would enter discussions with Miter Brands over its $41.50 a share cash offer after its board determined that the bid may lead to a superior proposal over its original deal with Masonite ( DOOR ).

Miter's transaction with PGTI is expected to close by mid-year 2024, subject to PGTI shareholder approval, regulatory approval, and customary closing conditions.

Masonite ( DOOR ) confirmed that its deal with PGTI ( PGTI ) was terminated and that it will receive a termination fee of $84 million, according to a separate statement on Wednesday.

The transaction will be financed in part by an equity investment from Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in Miter.

More on Masonite and PGT Innovations

Slamming The Door Following A Big And Expensive Deal

The Prognosis For PGT Innovations

PGT Innovations cut to hold at Truist on limited upside in a takeover

PGT Innovations to enter talks with Miter on its takeover offer (update)

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