PGT Innovations Declines Acquisition Offer from Miter Brands

The board of directors of PGT Innovations Inc. declined a fully-financed, $33-per-share, $1.9 billion acquisition offer from Miter Brands, which it deemed inadequate, according to “people familiar with the situation” who are “requesting anonymity because the matter is confidential” in a report by Reuters.

Reuters also reports that Miter is considering raising its bid to a $36 per share, according to sources, but there is “no certainty that Miter will continue with its pursuit of PGT or that any deal will be reached,” the sources add. PGTI declined to comment, while Miter Brands did not respond to a request for comment. PGTI shares ended trading on Monday, Oct. 9 at $26.20.

About the companies

PGTI manufactures and supplies windows and doors. The Venice, Florida-based company expanded into the overhead garage door market by acquiring Martin Door Holdings for approximately $185 million in 2022. Its net sales grew 28.5% year-on-year in 2022 to $1.49 billion.

Miter was formed in 2019 through the combination of MI Windows and Doors and Milgard. The company is led by Matt DeSoto, whose family controls the business together with Koch Equity Development, an investment fund controlled by industrial conglomerate Koch.