Door maker Masonite to acquire PGT Innovations in $3 billion deal

(Reuters) – Door maker Masonite International (NYSE:) said on Monday it will acquire PGT (NYSE:) Innovations, a manufacturer and supplier of windows and doors, for $3 billion in a bid to expand its business.

PGT shareholders will receive $41 for each share they own – $33.50 in cash and $7.50 in common shares of Masonite. The offer represents a 13.6% premium to the last closing price of PGT.

Masonite intends to fund the cash portion of the deal through cash on hand, borrowings under credit facilities and new debt or equity financing.

Shares of Venice, Florida-based PGT Innovations were up 7.3% in premarket trading.