Miter Brands Proposes Sweetened Offer for PGT Innovations Miter Brands Proposes Sweetened Offer for PGT Innovations

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By Ronald Tech

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PGT Innovations (NYSE: PGTI) announced Tuesday that the company received an unsolicited proposal from Miter Brands to acquire all outstanding shares of PGT Innovations’ common stock for $41.50 per share in cash.

The company stated it would review Miter Brands’ proposal to determine if it is reasonably likely to lead to a superior proposal.

Earlier in December, interior and exterior doors and premium door systems maker, Masonite (DOOR) had announced the acquisition of PGT Innovations in a $3 billion cash and stock deal.

In its bid, Masonite was offering $41 per PGTI share, which comprises $33.5 in cash and $7.5 in shares of Masonite.

This follows a Reuters report from December 13, indicating PGTI had rejected a bid valued at about $2.2 billion or $38 a share from Miter Brands.

In October, Miter began revising its proposal after a $33 per share bid was turned down by PGT, Reuters reported at the time.

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