Masonite International Corp (DOOR)

Shares of Masonite International Corp (DOOR) dropped by 15.97% from $102.00 to $85.71 in the trading on Monday, December 18, 2023. The reason why DOOR down today is due to the announcement of Masonite's acquisition of PGT Innovations for $3.0 billion. PGT Innovations shareholders will receive $41.00 per share, a 24% premium, with a combination of cash and Masonite shares. The deal provides Masonite with complementary product offerings, geographic expansion, and cost-saving opportunities, with a strong financial impact expected. The transaction is set to close in mid-2024, subject to approvals. Jefferies LLC advised Masonite on the deal.