PGT Innovations rises on Masonite's $3 bln buyout

PGT Innovations

18/12/2023 12:47

** Shares of building materials manufacturer PGT Innovations
rise 7.2% to $38.68 premarket after Masonite International
 DOOR.N  to buy out co
    ** Masonite to acquire co in a cash-and-stock transaction
with a total value of $3 bln
    ** PGTI shareholders to receive $41/shr owned, comprising
$33.50 in cash and $7.50 in common shares of DOOR, representing
a premium of 13.6% to PGTI's last close 
    ** Upon completion of the transaction, DOOR shareholders to
own about 84% of combined co, with PGTI shareholders owning
approximately 16%
    ** PGTI's CEO and one additional director to join DOOR's
board of directors
    ** Transaction expected to close in mid-FY24 
    ** DOOR shares down 2% premarket 
    ** As of last close, PGTI shares have doubled so far this
year

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))