PGT Innovations, Inc. (PGTI), a building products manufacturer, said on Wednesday that it has entered into a definitive agreement with MITER brand, a window and door manufacturer, while ending its previous merger agreement with Masonite International Corp. dated December 17, 2023.
According to the merger agreement, MITER will purchase all the outstanding shares of PGT at $42 a share in cash or an enterprise value of around $3.1 billion. The transaction is expected to close by the middle of 2024.
Earlier, PGT had terminated the agreement with Masonite when its board concluded that MITER's agreement was a "superior proposal".
In order to end the agreement, MITER had paid $84 million as a termination fee to Masonite on behalf of PGT.
Currently, PGT's stock is slipping 0.73 percent, to $41 on the New York Stock Exchange.
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