By Will Feuer
Shares of Masonite International fell and PGT Innovations stock rose after the door manufacturers struck a $3 billion cash-and-stock deal to merge.
Masonite shares fell about 11% to $91.08 in morning trading. The stock is still up 13% this year, lagging the 23% rise in the S&P 500 over the same period.
Shares of PGT Innovations popped more than 9% to $39.48. The stock is up nearly 120% this year.
Masonite, based in Tampa, Fla., will pay $33.50 in cash and $7.50 in stock for PGT Innovations, based in North Venice, Fla. The $41-per-share value reflects a roughly 24% premium to PGT’s average stock price over the past month. The companies valued the deal at about $3 billion.
Masonite makes doors for residential and commercial use, including for hotels, hospitals and offices. PGT focuses on premium windows and patio doors.
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