PGT Innovations, Inc. Receives Unsolicited Proposal from Miter Brands

PGT Innovations, Inc. (“PGT Innovations” or the “Company”), a national leader in premium windows and doors, said it has received an unsolicited proposal from Miter Brands to acquire all outstanding shares of PGT Innovations’ common stock for $41.50 per share in cash.

As announced on December 18, 2023, PGT Innovations entered into a definitive agreement to be acquired by Masonite International Corp. (“Masonite”) for $41.00 per share in cash and Masonite stock (based on the closing trading price of Masonite common stock as of December 15, 2023), representing a premium of approximately 56.5% over the closing price per share of PGTI common stock of $26.20 on October 9, 2023 (the last trading day prior to the public disclosure of a proposal for the acquisition of PGT Innovations).

Consistent with the terms of the Masonite merger agreement, PGT Innovations’ Board of Directors, in consultation with its independent financial and legal advisors, will carefully review Miter Brands’ proposal to determine if it is reasonably likely to lead to a superior proposal.

PGT Innovations will have no further comment on Miter’s proposal until the Board of Directors has completed its review. PGT Innovations’ shareholders are advised to take no action at this time.

Evercore is acting as exclusive financial advisor to PGT Innovations, and Davis Polk & Wardwell LLP is acting as legal counsel to PGT Innovations.

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About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on Earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. Through its brands, PGT Innovations is also a leading manufacturer of impact-resistant windows and doors. The PGT Innovations family of brands include CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The company’s brands are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit http://www.pgtinnovations.com.

Contact:

Craig Henderson – Chief Financial Officer – CHenderson@PGTInnovations.com – (941) 480-1600

Source: PGT Innovations, Inc.