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Investing.com — Cornerstone Building Brands Inc (NYSE:CNR) announced that it has agreed to be acquired by Clayton, Dublier & Rice for approximately $5.8 billion, including debt.
The private equity firm, which owns about a 49% stake in Cornerstone, has offered shareholders $24.65 in cash for each share retained, a 16% premium over Friday’s closing price.
Cornerstone, a manufacturer of exterior building products, saw its shares rise 13.26% on the news. The company expects to go private in the second or third quarter of 2022.
“We believe this transaction provides substantial value for our shareholders while also accelerating Cornerstone Building Brands’ aspiration to become a premier exterior building solutions company,” said Rose Lee, president and CEO of Cornerstone Building Brands.
Lee added, “We have grown our business and portfolio since 2018 when the company was created, delivering high-quality exterior building products with a strong focus on being a partner of choice for our customers.”
