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VENICE, Fla. (SNN TV) – A $3 billion deal to acquire Venice’s PGT Innovations is dead in the water.
According to yourobserver.com, Masonite International, a Tampa door manufacturer and distributor has abandoned its deal with PGT.
The Masonite offer to PGT Innovations, a designer and manufacturer of impact-resistant patio door and window systems, was $3 billion or $41 per share, but only 33.50 per share in cash.
Last Friday(Jan. 12), Miter Brands of Pennsylvania offered $3.1 billion, all in cash, for PGT, according to the article.
Masonite says it will receive a termination fee of $84 million from PGT Innovations, which is Sarasota County’s largest publicly traded company.
