Door maker Masonite to acquire PGT Innovations in $3 bln deal (updated)

PGT Innovations

18/12/2023 12:28

(Adds deal details in paragraphs 2-4, shares in paragraph 5)
       Dec 18 (Reuters) - Door maker Masonite International
 DOOR.N  said on Monday it will acquire PGT Innovations
 PGTI.N , a manufacturer and supplier of windows and doors, for
$3 billion in a bid to expand its business.
     PGT shareholders will receive $41 for each share they own -
$33.50 in cash and $7.50 in common shares of Masonite. The offer
represents a 13.6% premium to the last closing price of PGT.
    Masonite intends to fund the cash portion of the deal
through cash on hand, borrowings under credit facilities and new
debt or equity financing.
    Shares of Venice, Florida-based PGT Innovations were up 7.3%
in premarket trading.
    

 (Reporting by Mehr Bedi in Bengaluru; Editing by Saumyadeb
Chakrabarty and Arun Koyyur)
 ((Mehr.Bedi@thomsonreuters.com;))