PGT Innovations 2025: Miter Brands Offers $41.50 Per Share, Sparking Potential Bidding War
In 2025, PGT Innovations faces a competitive takeover battle after receiving an unsolicited $41.50 per share bid from Miter Brands, challenging Masonite International's $41 offer.
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Key Highlights
- PGT Innovations has attracted a $41.50 per share unsolicited bid from Miter Brands, igniting a possible bidding contest.
- Previously, PGT declined a $38 per share offer from Miter and accepted Masonite International's $41 per share deal.
- This development propelled PGT shares to record highs in 2024.
Shares of PGT Innovations (PGTI), a leading window and door manufacturer, surged to unprecedented levels after Miter Brands proposed a $2.4 billion unsolicited takeover bid at $41.50 per share. This move challenges Masonite International’s earlier $3 billion offer priced at $41 per share, setting the stage for a competitive acquisition battle in 2024.
Miter’s cash offer represents a 2% premium over PGT’s previous closing price, signaling confidence in the company’s value and growth potential.
Last month, PGT had rejected Miter’s $38 per share proposal. Subsequently, on December 18, Masonite International agreed to acquire PGT for $3 billion, offering shareholders $33.50 in cash plus $7.50 in stock per share.
PGT’s board, alongside independent financial and legal advisors, is rigorously evaluating Miter’s proposal to determine if it surpasses the Masonite agreement in value and benefits for shareholders.
The company has advised shareholders to refrain from taking any immediate action while the review is ongoing.
As of midday Wednesday, PGT shares rose 3.2% to $41.50, more than doubling over the past year. Conversely, Masonite International’s shares dipped 0.8% to $84.33 but remain 4.2% higher year-over-year.
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