Masonite Moves to Become Publicly-Traded Stock
Masonite International Corp. is planning a special shareholder meeting on March 1 to seek approval of an expanded public financial disclosure regime. The moves are designed to enable the door manufacturer to be listed on the NYSE, NASDAQ or other nationally-recognized stock exchange.
The company is looking for shareholders to approve three proposed amendments to its existing shareholders agreement and articles. If approved, the amendments would not only increase public financial disclosure, they would immediately expand the current 290 shareholder limit to 490 and reduce the quorum required for a shareholders meeting from 25 percent to 15 percent.
The proposed rules would also allow Masonite to to have a governance structure consistent with other publicly-traded companies upon a listing of the company's securities on a major stock exchange, it is noted.
Masonite was previously a publicly-traded company, but was taken private by Kohlberg Kravis Roberts & Co. in 2005. The door manufacturer filed for bankruptcy in both the U.S. and Canada and successfully completed a planned restructuring in 2009, reducing its debt by about $2.2 billion.