PGT Innovations Determines Miter Brands Buyout Offer Not Superior To Masonite's

(RTTNews) - PGT Innovations, Inc.'s (PGTI) board has determined that Miter Brands's unsolicited proposal would reasonably be expected to lead to a superior proposal.

PGT Innovations, Inc.'s (PGTI) board has determined that Miter Brands's unsolicited proposal would reasonably be expected to lead to a superior proposal.

PGT Innovations received an unsolicited proposal from Miter Brands to acquire PGT for $41.50 per share in cash. However, the company said the offer is not superior to PGTI's agreement with Masonite International Corp. (DOOR).

The company said depending on the outcome of future negotiations, Miter's proposal would reasonably be expected to lead to a superior proposal if Miter is able to improve several aspects of its proposed transaction.

On December 18, PGTI agreed to be acquired by Masonite for $41.00 per share, comprised of $33.50 in cash and 0.07353 shares of Masonite common stock, representing a premium of around 56.5% over the closing price of PGTI stock of $26.20 per share on October 9, 2023.

"While the PGTI Board of Directors believes the transaction with Masonite remains the best option to maximize value for our stockholders, the improved consideration and near-term value certainty in a potential all-cash transaction with Miter is worth exploring if Miter is able to adequately resolve several issues with its proposal," said Jeffrey T. Jackson, President and Chief Executive Officer.