Door maker Miter Brands to buy PGT Innovations in $3.1 billion deal (updated)

PGT Innovations

17/01/2024 14:55

(Rewrites throughout with details on Miter Brands buying PGT)
       Jan 17 (Reuters) - U.S. door maker Miter Brands said on
Wednesday it would buy its competitor PGT Innovations  PGTI.N 
in a deal valued at $3.1 billion.
    PGT had received an unsolicited buyout proposal from Miter
earlier in the month, weeks after the maker of vinyl and
aluminum doors and windows agreed to a $3 billion deal with
Masonite International  DOOR.N .
    Masonite, also a door maker, however, said on Wednesday it
would not submit a revised offer to acquire PGT and terminated
its previously announced deal.
    Under the terms of the deal, Koch Industries-backed Miter
would buy all outstanding shares of PGT at a price of $42.00 per
share in cash, which represents a premium of 1.2% from the
stock's last close.
    The deal will be financed in part by an equity investment
from Koch Equity Development — the principal investment and
acquisition arm of Koch Industries — and a current investor in
Miter.

 (Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini
Ganguli and Shilpi Majumdar)
 ((Kannaki.Deka@thomsonreuters.com;))