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Masonite Int'l Confirms Termination Of Merger Agreement To Acquire PGT Innovations
(RTTNews) - Masonite International Corp. (DOOR) on Wednesday confirmed the termination of its previously announced definitive merger agreement to acquire PGT Innovations, Inc. (PGTI). In accordance with the terms of the merger agreement, Masonite received a termination fee of $84 million.
This termination follows the Masonite Board of Directors' decision not to submit a revised offer to acquire PGT Innovations, after being notified that the PGT Board had determined that a revised proposal from MITER Brands submitted on January 12, 2024, was a "superior proposal."
Masonite International said disciplined capital allocation will continue to support Doors That Do More strategy and drive enhanced shareholder value.
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Singapore Retains Monetary Policy As Expected
Singapore's central bank maintained its monetary policy on Tuesday as economic growth turned out to be stronger than expected, easing concerns about the impact of higher US tariffs. The Monetary Authority of Singapore said it will maintain the prevailing rate of appreciation of the S$NEER policy band and there will be no change to its width and the level at which it is centered.
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European Shares Seen Lower As US-China Trade Tensions Simmer
European stocks are seen opening a tad lower on Tuesday as investors ponder the status of trade talks between the two biggest economies and look ahead to key earnings releases from major U.S. banks for directional cues.
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European Economic News Preview: UK Unemployment Data Due
Unemployment from the UK and economic sentiment from Germany are the top economic news due on Tuesday. At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is seen unchanged at 4.7 percent in the three months to August.
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Sensex, Nifty Struggle For Direction; IT Stocks Lead Gains
Indian shares struggled for direction on Tuesday, tracking mostly weak cues from other Asian markets.
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Australian Market Modestly Higher In Mid-market
The Australian stock market is back in the green in mid-market trading on Tuesday, after alternating across the unchanged line, reversing the losses in the previous two sessions, following the positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving near the 8,900 level, with gains in mining and energy stocks partially offset by weakness in financial and technology stocks.
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Asian Markets Track Wall Street Higher
Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, on renewed optimism over U.S.-China trade talks and optimism about further interest rate cuts amid the ongoing U.S. government shutdown along with the intensifying Russia-Ukraine war. Asian markets closed mostly lower on Monday.
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Sensex, Nifty Likely To Open On Muted Note
Indian shares are seen opening little changed on Tuesday as investors await cues from earnings and key inflation data due this week.
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Japanese Market Sharply Lower
The Japanese stock market is sharply lower in post-holiday trading on Tuesday, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling below the 47,550 level, with weakness in across most sectors led by exporters, financial and technology stocks.
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