VENICE, Fla — PGT Innovations Inc. has set the date for the special stockholder meeting to consider and vote on the proposal to adopt the merger agreement in connection with the proposed acquisition of the company by MITER Brands. 

The special meeting will be held on March 18, 2024, for PGTI stockholders of record at the close of business on February 7, 2024.

On January 17, 2024, the company entered into a definitive agreement for MITER to acquire all outstanding shares of PGTI at a price of $42.00 per share in cash, or an enterprise value of approximately $3.1 billion. 

The purchase price represents a premium of approximately 60% over PGTI’s unaffected closing share price on October 9, 2023, the last trading day prior to the public disclosure of a proposal by MITER for the acquisition of PGTI.

The transaction, which was unanimously approved by the boards of directors of both companies, is expected to be completed by mid-year 2024, subject to customary closing conditions, including approval by PGTI stockholders and receipt of applicable regulatory approval.

Upon completion of the transaction, PGTI’s shares will no longer trade on the NYSE, and PGTI will become a privately held subsidiary of MITER.