PGT Innovations, Inc. ("PGTI") has announced that its stockholders have approved the definitive merger agreement with MIWD Holding Company LLC ("Miter Brands") and an amendment to the amended and restated certificate of incorporation of the company at a special meeting of the company’s stockholders. The final voting results for the special meeting will be filed in a form 8-K with the U.S. Securities and Exchange Commission on March 18, 2024.
Under the terms of the definitive merger agreement, Miter Brands will acquire all of the outstanding shares of PGTI common stock for $42.00 per share in cash. The transaction will be financed in part by an equity investment from an affiliate of Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., which is a current investor in Miter Brands. The transaction is expected to close later this month, and upon completion of the transaction, PGTI will become a privately held company, and its common stock will no longer be listed on any public market.
PGTI manufactures and supplies premium windows, doors, and garage doors that can withstand tough weather conditions. The company's brands, including CGI, PGT Custom Windows and Doors, WinDoor, and others, are preferred choices of architects, builders, and homeowners throughout North America and the Caribbean.
Miter Brands, founded in 1947, is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments. Miter Brands is a nationwide supplier of precision-built and energy-efficient products with more than 10 manufacturing facilities throughout the United States.
Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $41.88. For more information, read the company's full 8-K submission here.
