Masonite sees closing PGT Innovations deal in the middle of 2024

Masonite International (DOOR) issued the following statement. “Masonite remains fully committed to the transaction with PGT Innovations (PGTI) on its current terms and is confident that the definitive merger agreement – a result of thorough due diligence and careful negotiation by both the Masonite and PGTI Boards – reflects a full and fair value for PGTI and its shareholders. In addition to compelling value, Masonite’s agreement also provides a high degree of transaction certainty…Specifically, the combination of Masonite and PGT Innovations offers: Financial Benefits A compelling $33.50 in cash for PGTI shareholders plus the unique ability to participate in the powerful upside growth potential of the business with approximately 16% ownership of the combined company through the receipt of Masonite stock; Approximately 200 bps increase in future revenue growth rate and an expanded total addressable market …Scale, resources and brand recognition provided as part of a larger, more diverse company ..The terms of the binding agreement between Masonite and PGT Innovations remain in effect, and we look forward to continued progress on all workstreams as we move toward a successful closing of the transaction in the middle of this year.”