(Reuters) – Owens Corning stated on Friday it can purchase door maker Masonite Worldwide for $3.9 billion in an all-cash deal, because it seems to be to beef up its home-building portfolio and broaden its attain.
Owens will purchase all excellent shares of Masonite for $133 per share, which is an almost 38.3% premium to Masonite’s final closing worth. Shares of Masonite surged 34.2% earlier than the bell.
“Masonite is a market chief that enhances our present residential inside and exterior product providing,” Brian Chambers, CEO of Owens Corning, stated.
Masonite operates 64 manufacturing and distribution services, primarily in North America, whereas Toledo, Ohio-based Owens Corning operates in 31 international locations.
The deal is predicted to shut in mid-2024. After the deal, Masonite will function as a reportable section, whereas sustaining its model and holding a presence in Tampa, Florida.
Morgan Stanley is the lead monetary advisor to Owens Corning and Goldman Sachs suggested Masonite.
Mergers & Acquisitions
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