A new buyer has emerged for Florida-based Masonite International Corp.
Owens Corning, a building and construction materials company based in Toledo, Ohio, has agreed to acquire the door manufacturer in a $3.9 billion deal, the companies announced Friday.
Owens will acquire all outstanding shares at $133 a share in cash, according to a news release, which represents a 38% premium to Masonite’s closing share price on Thursday. The deal could close as early as midyear, the release said, but is subject to shareholder and regulatory approval.
The deal comes after Masonite was poised to purchase Florida manufacturer PGT Innovations, but the deal fell apart when another buyer threw their hat in the ring. PGT Innovations — a Venice-based manufacturer of weather-resistant doors, garages and windows — said it received a “superior proposal” from Miter Brands, another leading door and window company based in Pennsylvania. Miter locked in a deal at $3.1 billion or $42 per share, the Tampa Bay Times reported last month. PGT originally signed an agreement with Masonite in mid-December at $41 per share.
Masonite said it would not counteroffer and canceled its purchase of PGT Innovations in January.
The Masonite sale to Owens will help expand the construction materials company’s lineup of residential building products, the announcement read. Masonite will continue to operate from its Tampa headquarters.
“The combination of our commercial, operational, and innovation capabilities allows us to accelerate our long-term enterprise growth strategy with a clear line of sight to meaningful synergies and increased cash flow generation,” said Brian Chambers, board chairperson and CEO of Owens Corning, in a statement.
Founded in 1925, Masonite designs, manufactures and markets doors from its 64 manufacturing and distribution facilities primarily in North America and has over 10,000 employees worldwide. Masonite relocated from Canada to Tampa in 2004. It debuted a new headquarters campus with Alliant Partners of Tampa and real estate investor Darryl Shaw in Ybor City two years ago. It’s the seventh-largest public company on the state’s Gulf Coast, according to Florida Trend.