PGTI’s board determined that a revised proposal from Miter, established on Jan. 12, 2024, was superior to the deal PGTI made with Masonite.

After a buyout turned merry-go-round for Venice, Florida-based PGT Innovations Inc. (PGTI), officials announced Wednesday that they’ve reached a final deal with Miter Brands.

Masonite announced the termination of its agreement to purchase PGTI, instead pocketing an $84 million fee. The company reported a deal with PGTI in December, only to be edged out by Miter Brands.

PGTI’s board determined that a revised proposal from Miter, established on Jan. 12, 2024, was superior to the deal PGTI made with Masonite. It took Miter three tries to get it right—ultimately offering $42 per share in cash for its third offer, with an enterprise value of approximately $3.1 billion. PGTI officials said they’re taking the deal, which reflects a premium of 60% over PGTI’s unaffected closing share price on Oct. 9, 2023.

Officials said the “merger agreement” has been unanimously approved by the boards of directors of both companies.

PGTI president and CEO Jeff Jackson said his company is excited to join Miter.

“We are thrilled to have reached an agreement with Miter that maximizes value for PGTI shareholders,” said Jackson. “Since PGTI’s founding over 40 years ago, we have delivered profitable growth and created significant shareholder value by serving our customers with the high-quality window and door solutions they need. In Miter, we have found a strong partner that shares our commitment to safety, quality and innovation.”

The transaction will be financed partly by Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries Inc.

What becomes of PGTI’s new Triple Diamond Glass (TDG) company is unknown. The company was unveiled in June 2023, focusing on energy efficiency, security and sound abatement applications. PGTI officials say TDG will initially prioritize the production of Tri-Ultra thin triple insulating glass units and Diamond Glass laminated glass units.

When asked if Masonite would have been among the customers for PGTI’s new glass, Russell Tiejema, Masonite’s executive vice president and chief financial officer, said the product wasn’t particularly geared to Masonite’s swing-style entry doors. Miter has yet to mention TDG’s fate.

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