PGT Innovations Inc shares jumped 9% to $39.26 in late-morning trading on Monday after the designer and manufacturer of patio door and window solutions said it has agreed to be acquired by door maker Masonite International in a cash-and-stock deal valued at $3 billion.
PGT shareholders will receive $33.50 in cash and $7.50 in common shares of Masonite for each PGT share held.
Masonite noted the acquisition is expected to close in the middle of 2024, and will add to its earnings in the first year and lead to $100 million in annual synergies over the next several years.
Shares of Masonite International fell 16% to $86.10 following the announcement.