"PGT Rebuffs Latest $2.2B Bid From Koch-Backed Miter Brands" - Reuters
Portfolio Pulse from Benzinga Newsdesk
PGT Innovations Inc, a U.S. manufacturer of doors and windows, has rejected a $2.2 billion acquisition offer from Miter Brands, backed by Koch Industries. The offer of $38 per share was a 66% premium over PGT's share price before the adoption of a poison pill in March. PGT, with a market cap of $1.9 billion, saw a 28.5% increase in net sales in 2022. There is no certainty that Miter will succeed in acquiring PGT, despite considering raising its offer.
December 13, 2023 | 5:15 pm
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PGT Innovations Inc has turned down a $2.2 billion takeover bid from Miter Brands, indicating the company's confidence in its value and growth prospects. The offer was a significant premium over the current trading price.
The rejection of the bid suggests that PGTI's board believes the company is undervalued or has better prospects independently. This could lead to investor confidence in the short term, potentially driving the stock price up as the market may anticipate a higher offer or interest from other buyers.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100