Miter Makes Another Offer on PGT Innovations

December 14th, 2023 by Drew Vass, Executive Editor

Miter Brands faced another rejection from PGT Innovations Inc. this week, after the company returned with a second offer for buyout, Reuters reported. The latest $2.2 billion offer follows a $1.9 billion bid in October 2023. Reuters based its reporting on “people familiar with the situation,” who are “requesting anonymity because the matter is confidential,” the article said.

The latest offer “represents a premium of approximately 66% to where PGT shares were trading before the company adopted a so-called poison pill in March to prevent any shareholder from accumulating a stake of 10% or more for a year,” David Carnevali and Anirban Sen from Reuters report.

According to Reuters, Miter is working with lenders to increase its offer, but, “There is no certainty that the pursuit will end in a deal,” sources told the news outlet.

When [DWM] contacted PGTI, “We appreciate you reaching out; however, as a matter of policy, PGT Innovations does not comment on rumors or speculation,” a company representative said.

When [DWM] reached out to Miter Brands, “Thank you for reaching out, however we don’t comment on market rumors,” said Gwen Mallon, executive assistant and MITER Foundation Specialist.

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