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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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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
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