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Why PGT Innovations Stock Popped Today

TheMotleyFool

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Why PGT Innovations Stock Popped Today: https://g.foolcdn.com/editorial/images/750484/mergers-and-acquisitions-graphic-calculator.jpg

Shares of PGT Innovations (NYSE: PGTI) were up 21.1% as of 1 p.m. ET after a report that the storm window and door manufacturer rebuffed an acquisition offer from Koch Industries-backed window and door leader Miter Brands.

According to Reuters this morning, PGT received an unsolicited, fully financed offer from Miter Brands to acquire PGT for $33 per share, valuing the company at around $1.9 billion -- a sum PGT's board of directors "deemed inadequate." PGT stock is currently trading around $31.69 per share.

PGT declined to comment on the news, while Miter Brands hasn't responded to requests for comment.

Source Fool.com