PGT Innovations adopts limited-duration shareholder rights plan

PGT Innovations has approved the adoption of a limited-duration shareholder rights plan in response to a likely accumulation of PGT shares by a strategic investor. The Rights Plan will reduce the likelihood that any entity, person or group gains control of the company through open market accumulation without paying all other shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that it believes are in the best interests of shareholders. Under the Rights Plan, the rights will become exercisable if an entity, person or group acquires beneficial ownership of 10% or more of PGT’s outstanding common stock in a transaction not approved by the Board. In the event that the rights become exercisable due to the triggering ownership threshold being crossed, each right will entitle its holder to purchase, at the then-current exercise price, additional shares of common stock having a then-current market value of twice the exercise price of the right. The Rights Plan is effective immediately and has a one-year duration, expiring on March 30, 2024.