Why PGT Innovations Stock Rocketed Higher This Week
An industry rival is reportedly interested in acquiring storm window and door manufacturer PGT Innovations (NYSE: PGTI), and investors are excited about the potential for a payout. Shares of PGT were up 18% for the week as of midday Thursday, according to data provided by S&P Global Market Intelligence, on hopes that a deal can get done.
PGT manufactures and distributes building products throughout the Sun Belt and Pacific Northwest through more than half a dozen brands.
The company is reportedly attracting interest from a deep-pocketed rival. On Tuesday, Reuters reported that Miter Brands, a competitor backed by Koch Industries, had offered $33 per share to acquire PGT. That's well above PGT's $26.20 closing price on Monday prior to the report.
Source Fool.com
