PGT Innovations rises on Masonite's $3 bln buyout

PGT Innovations

18/12/2023 15:03

(Updates)
    ** Shares of building materials manufacturer PGT Innovations
rise 9.1% to $39.36 - hitting their highest level after Masonite
International  DOOR.N  says will buy out co
    ** Door manufacturer Masonite will acquire co in a
cash-and-stock transaction with a total value of $3 bln
    ** PGTI shareholders are to receive $41/shr owned - $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 the 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 fall 10.7% in early trading 
    ** PTGI stock has more than doubled YTD, including session
gains 

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