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Key Takeaways
- A bidding battle could possibly be underway for PGT Improvements, which obtained an unsolicited supply from Miter Manufacturers at $41.50 per share.
- Final month, PGT reportedly rejected a decrease supply from Miter and agreed to a bid of $41 per share from Masonite Worldwide.
- The information despatched shares of PGT Improvements to an all-time excessive.
PGT Improvements (PGTI) shares surged to an all-time excessive after the window and door producer obtained a $2.4 billion unsolicited takeover bid from rival Miter Manufacturers, which may create a bidding war with one other door maker, Masonite Worldwide (DOOR).
PGT stated Miter supplied $41.50 per share in money, a 2% premium over PGT’s closing worth yesterday.
PGT reportedly rejected a proposal of $38 per share from Miter final month. On Dec. 18, Masonite Worldwide then agreed to buy the corporate for $3 billion, or $41 per share. That deal referred to as for traders to obtain $33.50 in money and $7.50 in widespread inventory for each PGT share they owned.
PGT stated that in step with the phrases of the Masonite settlement, its board, in session with impartial monetary and authorized advisors, “will rigorously assessment Miter Manufacturers’ proposal to find out whether it is moderately prone to result in a superior proposal.”
The corporate added that it’s going to make no different feedback till the board completes its assessment, and suggested shareholders to “take no motion at the moment.”
Shares of PGT Improvements had been up 3.2% at $41.50 per share as of about 12:30 p.m. ET Wednesday and have greater than doubled up to now yr. Masonite Worldwide shares fell 0.8% to $84.33 per share Wednesday following the information, and had been up 4.2% from a yr in the past.
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