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PGT Innovations (NYSE:PGTI) jumped 11% in after-hours trading amid a report that the door maker rejected a $1.9 billion takeover offer from Miter Brands, a competitor that’s backed by Koch Industries.
PGT’s (PGTI) board rejected Miter’s fully-financed $33-per-share offer, saying it was inadequate, according to a Reuters report, which cited people familiar with the matter. Miter is considering increasing its offer to $36 a share, one source said. There’s no certainty that Miter will continue its pursuit of PGT.
The $33 offer for PGT, which manufactures and sells windows and doors, represents a 26% premium to PGTI’s (PGTI) closing price on Friday. PGT has a market cap of $1.5 billion.
PGT (PGTI) declined to comment to Reuters, while Miter Brands didn’t respond to a request for comment.
The news comes after PGT (PGTI) in March adopted a limited-duration shareholder rights plan after an unidentified strategic investor accumulated shares, sending its shares up almost 10% on March 31. At the time, analysts said the company could see $33 to $37 a share in a takeover.
