Cornerstone Building Brands to be bought by CD&R in $5.8B deal
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Cornerstone Building Brands (NYSE:CNR) +13.1% pre-market after agreeing to be acquired by Clayton, Dubilier & Rice for $24.65/share in cash, a ~16% premium to the March 4 closing price, in a deal with $5.8B enterprise value, including the assumption of debt.
CD&R, already the owner of ~49% of Cornerstone's outstanding common shares, made a non-binding "best and final" proposal three weeks ago to buy the rest of the company for $24.65/share.
Cornerstone, North America's largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings, was created in 2019 through a merger between NCI Building Systems and Ply Gem Building Products.
Last week, Cornerstone reported Q4 adjusted EPS that increased more than 12-fold from a year earlier and easily beat analyst expectations.