Masonite International Corporation cancelled the acquisition of PGT Innovations, Inc..
The Boards of Directors of both Masonite and PGT Innovations have each unanimously approved the transaction. The transaction is subject to approval by the PGT Innovations shareholders, as well as the receipt of required regulatory approvals, the authorization for listing on the NYSE of the Masonite common shares to be issued to PGTI stockholders in the merger, the effectiveness of the registration statement on Form S-4 to register the Masonite common shares to be issued in the merger, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions. The transaction is currently anticipated to close in the middle of 2024. Transaction expected to be accretive to Masonite?s earnings in first full year post close.
Jefferies LLC acted as financial advisor to Masonite. Benjamin M. Roth and Elina Tetelbaum of Wachtell, Lipton, Rosen & Katz acted as legal counsel and Simpson Thacher & Bartlett LLP acted as financing counsel to Masonite. Evercore acted as financial advisor and John D. Amorosi, Evan Rosen, Shane Tintle, Kyoko Takahashi Lin, Arthur J. Burke, Patrick E. Sigmon and Michael Mollerus of Davis Polk & Wardwell LLP acted legal counsels to PGT Innovations.
Masonite International Corporation (NYSE:DOOR) cancelled the acquisition of PGT Innovations, Inc. (NYSE:PGTI) on January 16, 2024. 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, 2024, was a ?superior proposal.? As per terms of the Merger Agreement, PGT Innovations paid to Masonite a termination fee of $84.0 million in cash.