PGT, a key player in the aluminium industry, is now set to consult with independent financial and legal advisers to evaluate Miter's proposal. The company emphasizes its dedication to the Masonite deal unless a "superior proposal" emerges from the current bid.
A spokesperson for Masonite reassures stakeholders, stating, "The terms of this transaction provide PGT Innovations shareholders with compelling value." PGT Innovations' shares surged by 4.4% in after-market trading, signalling optimism about a potential bidding war.
PGT's journey, marked by rejecting previous proposals from Miter, underscores the company's resilience and strategic vision. Having adopted a "poison pill" strategy last March, PGT safeguards its market position, demonstrating a proactive approach to protecting shareholder interests.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
