PGT Innovations Receives Unsolicited Proposal from Miter Brands

PGT Innovations Inc. has received an unsolicited proposal from Miter Brands to acquire all outstanding shares of PGTI’s common stock for $41.50 per share in cash.

The details

As announced on Dec. 18, 2023, PGTI entered into a definitive agreement to be acquired by Masonite International Corp. for $41.00 per share in cash and Masonite stock (based on the closing trading price of Masonite common stock as of Dec. 15, 2023), representing a premium of approximately 56.5% over the closing price per share of PGTI common stock of $26.20 on Oct. 9, 2023, (the last trading day prior to the public disclosure of a proposal for the acquisition of PGTI).

Next steps

Consistent with the terms of the Masonite merger agreement, PGTI’s 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.

PGTI has no further comment on Miter’s proposal until the board has completed its review. PGTI’s shareholders are advised to take no action at this time.

Evercore is acting as exclusive financial advisor to PGTI, and Davis Polk & Wardwell LLP is acting as legal counsel to PGTI.