PGT Innovations Declines Latest Acquisition Offer from Miter Brands

PGT Innovations Inc. rejected a new bid worth about $2.2 billion from Miter Brands, a competitor backed by Koch Industries, according to people familiar with the matter, as reported by Reuters. PGT's board of directors rebuffed the improved $38-per-share all-cash offer from Miter, the sources said, and now Miter is working with lenders to further raise its offer for PGT. Sources add that "there is no certainty that the pursuit will end in a deal."

In October, Miter presented a $33-per-share, $1.9 billion acquisition offer to PGT, which its board of directors deemed inadequate

Miter's latest offer represents a premium of approximately 66% to where PGT shares were trading before March. According to sources, PGT did this to prevent "a likely accumulation of PGT shares by a strategic investor" or any shareholder from accumulating a stake of 10% or more for a year.