TAMPA, Fla. - Masonite International Corporation (NYSE: NYSE:DOOR), a prominent global manufacturer of doors and door systems, announced today the termination of its definitive merger agreement to acquire PGT (NYSE:PGTI) Innovations, Inc. (NYSE: PGTI). This decision came after Masonite's Board of Directors opted not to submit a revised offer upon learning that PGT Innovations' Board had favored a competing bid from MITER Brands on January 12, 2024.
The termination of the agreement resulted in Masonite receiving a termination fee of $84 million. Howard Heckes, President and CEO of Masonite, stated, "The decision to waive our right to increase our offer reflects our commitment to financial discipline and rigor in our strategic investments." He emphasized the company's focus on its Doors That Do More™ growth initiatives and the pursuit of its 2027 financial goals.
Heckes expressed confidence in Masonite's ability to generate long-term value for both customers and shareholders by maintaining a reliable supply, driving product leadership, and winning sales. Additional details regarding the termination and future plans are expected to be discussed during the company's upcoming earnings conference call for the fourth quarter and full year of 2023.
Masonite, founded in 1925, has a long-standing history of offering innovative products and superior service. The company serves around 7,000 customers globally and operates in both the residential and non-residential building construction markets.
The information provided is based on a press release statement from Masonite International Corporation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.