Takeover-target PGT receives unsolicited proposal from Miter (updated)

PGT Innovations

02/01/2024 21:49

(Adds details and background throughout, share movement in
paragraph 3)
       Jan 2 (Reuters) - PGT Innovations Inc  PGTI.N  on
Tuesday disclosed an unsolicited buyout proposal from Miter
Brands, weeks after the U.S. maker of vinyl and aluminum doors
and windows agreed to a $3 billion deal with Masonite
International  DOOR.N .
    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. 
    Shares of PGT Innovations were up 4.3% at $42 in
after-market trading on hopes of a bidding war. 
    PGT said on Tuesday 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".
    The company had previously rejected proposals from Miter
Brands, including a $1.9 billion bid in October and a $2.2
billion offer in December. 
    PGT in March last year adopted a so-called "poison pill" to
prevent any investor from accumulating a position of 10% or more
in its stock for a period of 12 months.
    The company, which manufactures and supplies windows and
doors, expanded into the overhead garage door market by
acquiring Martin Door Holdings for about $185 million in 2022. 
    Its competitor Miter was formed in 2019 through the
combination of MI Windows and Doors and Milgard.

       

 (Reporting by Pratyush Thakur in Bengaluru; Editing by Sriraj
Kalluvila)
 ((pratyush.thakur@thomsonreuters.com;))