Cornerstone Building Brands surges on CD&R's non-binding offer

Core Natural Resources

14/02/2022 13:45

** Shares of building products maker  CNR.N  up 21.5% at
$22.35 premarket, set to open at over 3-1/2-yr high if gains
hold 
    ** Buyout firm Clayton, Dubilier & Rice submits a final
non-binding proposal to acquire shares of co that CD&R Funds
does not already own for $24.65/share in cash (https://bit.ly/3rN9fb5)
    ** The offer represents a premium of ~34% to stock's Friday
close
    ** CNR shares jumped 10.1% to $18.90 last Thursday after a
Bloomberg News report noted CD&R was weighing an offer for the
rest of Cornerstone Building Brands  urn:newsml:reuters.com:*:nL4N2UL4BP
    ** CD&R Funds beneficially own ~49% of co's common stock and
at this time, is not interested in pursuing any potential
alternative transaction with co 
    ** CD&R Funds currently intend to remain shareholders of co
if a potential transaction cannot be completed under the
proposal
    ** Up to Friday's close, stock rose ~5.5% this year 

 (Reporting by Nishara Karuvalli Pathikkal in Bengaluru)