Masonite to acquire PGT Innovations in $3 bln deal; shares fall

PGT Innovations

18/12/2023 12:49

** Shares of interior and exterior door manufacturer
Masonite  DOOR.N  fall 1.96% to $100 premarket
    ** Co to acquire patio door and premium window manufacturer
PGT Innovations  PGTI.N  in cash and stock deal valued at $3 bln
    **  PGT's shareholders to receive $41 for each share they
own, comprising $33.50 in cash and $7.50 in common shares of
Masonite
     ** The deal value represents a 13.6% premium to PGT's last
close
    ** Masonite shareholders will own approximately 84% of the
combined company, with PGT Innovations' shareholders owning
approximately 16%
    ** Shares of PGT rise 7.23% to $38.70 premarket
    ** Six of eight brokerages rate Masonite "buy" or higher and
two "hold"; their median PT is $106
    ** YTD, DOOR up 26.54%, while PGTI up 100.95%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com))