PGT Innovations receives unsolicited bid that beats previous $3B offer

Miter Brands, a national window and door manufacturer that traces its history, in part, to post-World War II Florida, has made a third bid to acquire the largest publicly traded company in the Sarasota-Bradenton region, Venice-based PGT Innovations, which also has a national footprint in the window and door manufacturing sector. 

The offer comes two weeks after PGT and Tampa manufacturer and distributor of interior and exterior doors Masonite agreed on a separate pending acquisition. In that deal, Masonite said it would pay $3 billion in a combination of cash and Masonite shares for PGT. That comes out to $41 a share, split $33.50 in cash and $7.50 of its common stock. The offer, at the time, represented a premium of 56.5% over PGT’s Oct. 9 closing price of $26.20. (PGT’s stock has since risen to $42 a share.)

The new Miter bid, which PGT disclosed Tuesday evening, is for $41.50 a share in cash.