Private equity firm CD&R offers to buy rest of Cornerstone Building Brands

Core Natural Resources

14/02/2022 14:09

Feb 14 (Reuters) - Cornerstone Building Brands Inc  CNR.N 
said on Monday that private equity group Clayton, Dubilier &
Rice (CD&R) had proposed to acquire the rest of the building
products maker for $24.65 per share in cash.
    The offer by CD&R, which currently owns about 49% of
Cornerstone's common stock, represents a premium of about 34% to
the stock's last close on Friday.
    Shares of Cornerstone surged more than 25% to $23.08 in
premarket trading. As of Friday's close, the company had a
market value of about $2.32 billion, according to Refinitiv IBES
data.
     CD&R intends to remain a shareholder of Cornerstone if a
potential deal cannot be completed under its proposal, the
buyout firm said in an SEC filing, adding that it was not
interested in pursuing any alternative transactions.
 urn:newsml:reuters.com:*:nEOL36JYGr
    Bloomberg News first reported https://bloom.bg/3Bf8476 the
news on Thursday. 
    

 (Reporting by Deborah Sophia in Bengaluru; Editing by Amy Caren
Daniel)
 ((DeborahMary.Sophia@thomsonreuters.com;))