Masonite to Acquire PGT Innovations in $3 Billion Deal
Masonite’s Acquisition of PGT Innovations
Door maker Masonite International has announced its plans to acquire PGT Innovations, a manufacturer and supplier of windows and doors, for $3 billion. This strategic move is aimed at expanding Masonite’s business and market presence.
PGT Shareholders Offer
PGT shareholders are set to receive $41 for each share they own, with $33.50 in cash and $7.50 in common shares of Masonite. This offer represents a 13.6% premium to the last closing price of PGT.
Funding of the Acquisition
Masonite intends to fund the cash portion of the deal through cash on hand, borrowings under credit facilities, and new debt or equity financing. This demonstrates the company’s commitment to completing the acquisition successfully.
Market Reaction
Following the announcement, shares of PGT Innovations were up 7.3% in premarket trading, indicating a positive market response to the acquisition news.
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