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PGT Innovations, Inc. (NYSE:PGTI) ("PGT Innovations" or the "Company"), a national leader in premium windows and doors, today said it has received an unsolicited proposal from Miter Brands to acquire all outstanding shares of PGT Innovations' common stock for $41.50 per share in cash.
As announced on December 18, 2023, PGT Innovations entered into a definitive agreement to be acquired by Masonite International Corp. (NYSE:DOOR) ("Masonite") for $41.00 per share in cash and Masonite stock (based on the closing trading price of Masonite common stock as of December 15, 2023), representing a premium of approximately 56.5% over the closing price per share of PGTI common stock of $26.20 on October 9, 2023 (the last trading day prior to the public disclosure of a proposal for the acquisition of PGT Innovations).
Consistent with the terms of the Masonite merger agreement, PGT Innovations' Board of Directors, in consultation with its independent financial and legal advisors, will carefully review Miter Brands' proposal to determine if it is reasonably likely to lead to a superior proposal.
PGT Innovations will have no further comment on Miter's proposal until the Board of Directors has completed its review. PGT Innovations' shareholders are advised to take no action at this time.
Evercore is acting as exclusive financial advisor to PGT Innovations, and Davis Polk & Wardwell LLP is acting as legal counsel to PGT Innovations.
