Feb 9, 2024 - Business

Owens Corning to buy doormaker Masonite for $3.9 billion

Illustration of a door knocker in the shape of a dollar sign

Illustration: Sarah Grillo/Axios

Owens Corning on Friday said it's agreed to buy Tampa, Fla.-based doormaker Masonite for $3.9 billion in cash, or $133 per share.

The big picture: Masonite shareholders must be feeling the sort of M&A whiplash that can only be soothed by a 38% stock price premium.

Backstory: Less than two months ago, Masonite agreed to buy rival PGT Innovations (NYSE: PGTI) in a $3 billion deal that it called "transformative."

  • Then, just weeks later, PGT received and accepted a superior offer from Koch-backed Miter Brands.
  • Masonite was left out in the cold, and prone to a takeover attempt.

The bottom line: Ohio-based Owens Corning says that acquisition of Masonite, a 99-year-old company with over 10,000 employees, will strengthen its position in the residential building materials market.

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