Masonite (DOOR) confirmed the termination of its previously announced definitive merger agreement to acquire PGT Innovations (PGTI). This termination follows the Masonite board of directors’ decision not to submit a revised offer to acquire PGT Innovations, after being notified that the PGTI board had determined that a revised proposal from Miter Brands submitted on January 12 was a “superior proposal.” In accordance with the terms of the merger agreement, Masonite received a termination fee of $84M.
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Read More on DOOR:
- PGT Innovations downgraded to Hold from Buy at Truist
- Masonite sees PGT Innovations deal adding ‘meaningful’ accretion to EPS
- Masonite sees closing PGT Innovations deal in the middle of 2024
- M & A News: PGT Innovations (NYSE:PGTI) Jumps on Sweetened Offer from Miter Brands
- PGT Innovations receives unsolicited takeover proposal from Miter Brands