PGT Innovations rises on fresh buyout proposal from Miter Brands

PGT Innovations

02/01/2024 22:14

** Shares of door and window maker PGT Innovations  PGTI.N 
rise 4.40% to $42 after the bell 
    ** Co says it has received an unsolicited buyout proposal
from Miter Brands
    ** This comes weeks after Masonite International  DOOR.N 
said it would acquire PGTI for $3 billion
    ** Miter has offered $41.50 per share in cash, compared with
the $41 per share bid from Masonite that consisted of $33.50 in
cash and $7.50 of its common stock
    ** PGT added its board would consult with its independent
financial and legal advisers to review the proposal and
determine if it was reasonably likely to lead to a "superior
proposal"
    ** Co had previously rejected proposals from Miter Brands,
including a $1.9-billion bid in October and a $2.2-billion offer
in December 2023
    ** PGTI shares rose ~126% in 2023

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))