Masonite Confirms Termination of Agreement to Acquire PGT Innovations
17 Gennaio 2024 - 3:05PM
Business Wire
Disciplined capital allocation will continue to
support Doors That Do More™ strategy and drive enhanced shareholder
value
Masonite International Corporation (“Masonite” or the “Company”)
(NYSE: DOOR), a leading global designer, manufacturer, marketer and
distributor of interior and exterior doors and premium door
systems, today confirmed the termination of its previously
announced definitive merger agreement to acquire PGT Innovations,
Inc. (“PGT Innovations” or “PGTI”) (NYSE: PGTI). 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.” In
accordance with the terms of the merger agreement, Masonite
received a termination fee of $84 million.
“The decision to waive our right to increase our offer reflects
our commitment to financial discipline and rigor in our strategic
investments,” said Howard Heckes, President and Chief Executive
Officer of Masonite. “We remain focused on the execution of our
Doors That Do More™ growth initiatives and the pursuit of our 2027
financial goals. I am confident in Masonite’s ability to create
long-term value for our customers and our shareholders as we
continue to deliver reliable supply, drive product leadership and
win the sale.”
Masonite leadership will provide further details and address
questions in conjunction with the Company’s fourth quarter and full
year 2023 earnings conference call.
ABOUT MASONITE
Masonite International Corporation is a leading global designer,
manufacturer, marketer and distributor of interior and exterior
doors, door system components and door systems for the new
construction and repair, renovation and remodeling sectors of the
residential and non-residential building construction markets.
Since 1925, Masonite has provided its customers with innovative
products and superior service at compelling values. Masonite
currently serves approximately 7,000 customers globally. Additional
information about Masonite can be found at www.masonite.com.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains certain statements that are
“forward-looking” statements within the meaning of Section 27A of
the 1933 Act and Section 21E of the Securities Exchange Act of
1934. You can identify these statements and other forward-looking
statements in this document by words such as “may,” “will,”
“should,” “can,” “could,” “continue,” “anticipate,” “estimate,”
“expect,” “predict,” “project,” “future,” “potential,” “intend,”
“plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,”
“create,” “work,” “continue,” “target,” “poised,” “advance,”
“drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,”
“position,” “pursue,” “progress,” “budget,” “outlook,” “trend,”
“guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,”
“opportunity,” “ambitions,” “aspire” and similar expressions, and
variations or negative of such terms or other variations thereof.
Words and terms of similar substance used in connection with any
discussion of future plans, actions, or events identify
forward-looking statements.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. All such forward-looking
statements are based upon current plans, estimates, expectations
and ambitions that are subject to risks, uncertainties and
assumptions, many of which are beyond the control of the Company
that could cause actual results to differ materially from those
expressed in such forward-looking statements All such factors are
difficult to predict and are beyond our control, including those
detailed in Masonite’s annual reports on Form 10-K, quarterly
reports on Form 10-Q and Current Reports on Form 8-K that are
available on Masonite’s website at https://www.masonite.com and on
the SEC website at http://www.sec.gov. Other unpredictable or
factors not discussed in this communication could also have
material adverse effects on forward-looking statements. Masonite
assumes no obligation to update any forward-looking statements,
except as required by applicable law. These forward-looking
statements speak only as of the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20240116823108/en/
Richard Leland VP, FINANCE AND TREASURER rleland@masonite.com
813.739.1808
Marcus Devlin DIRECTOR, INVESTOR RELATIONS mdevlin@masonite.com
813.371.5839
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