PGT Innovations, Inc. Receives Unsolicited Proposal From Miter Brands To Acquire All Outstanding Shares Of PGT Innovations' Common Stock For $41.50 Per Share In Cash
Portfolio Pulse from Benzinga Newsdesk
PGT Innovations, Inc. (PGTI) has received an unsolicited acquisition proposal from Miter Brands for $41.50 per share in cash. This offer comes after PGT Innovations agreed to be acquired by Masonite International Corp. (DOOR) for $41.00 per share in cash and stock. PGT Innovations' Board will review the new proposal to determine if it constitutes a superior offer. Shareholders are advised to take no action while the Board reviews the proposal. Evercore is the financial advisor and Davis Polk & Wardwell LLP is the legal counsel for PGT Innovations.
January 02, 2024 | 8:55 pm
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POSITIVE IMPACT
PGT Innovations received a higher acquisition offer from Miter Brands at $41.50 per share, surpassing the previous agreement with Masonite at $41.00 per share.
The new acquisition proposal from Miter Brands is likely to be viewed positively by investors as it offers a higher price per share than the existing agreement with Masonite. This could lead to an increase in PGTI's stock price in the short term as the market reacts to the potential for a bidding war or a revised higher offer from Masonite.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
NEGATIVE IMPACT
Masonite's agreed acquisition of PGT Innovations is challenged by a higher bid from Miter Brands, potentially impacting the original deal structure.
Masonite's planned acquisition of PGT Innovations at $41.00 per share is now under threat due to a higher unsolicited offer from Miter Brands. This could negatively impact Masonite's stock in the short term as investors may be concerned about the increased cost of the acquisition or the potential for the deal to fall through.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80