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Masonite International Corporation (DOOR) delivers essential building solutions through its innovative door systems and architectural products. This news hub provides investors and industry professionals with timely updates on corporate developments shaping the building materials sector.
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Owens Corning (NYSE: OC) and Masonite International announced the successful early participation results for their exchange offer and consent solicitation concerning Masonite’s 3.50% Senior Notes due 2030. As of May 14, 2024, 99.51% of these notes had been tendered.
The terms were amended to increase the consideration for holders tendering after the early deadline. The amended terms include a $2.50 cash payment and $1,000 in new OC notes for each $1,000 principal amount of existing notes tendered. Eligible holders who tender after the early deadline will receive $970 in new OC notes plus an early tender premium but no consent payment.
The amendments to the indenture governing the notes will be effective once the exchange and acquisition are complete. All terms and conditions remain subject to the consummation of Owens Corning's acquisition of Masonite.
Owens Corning (NYSE: OC) and Masonite International (NYSE: DOOR) have announced the extension of the expiration time and early participation deadline for their Tender Offer and Consent Solicitation. The new deadlines are now 5:00 p.m., New York City time, on May 14, 2024. All other terms remain unchanged. This extension follows the receipt of requisite consents to amend the indenture governing Masonite's notes, eliminating certain covenants and provisions. The Tender Offer and Consent Solicitation are part of Owens Corning's acquisition of Masonite, with both companies retaining the right to amend terms. As of May 13, 2024, $471.27 million of Masonite Notes have been tendered, representing 94.25% of the total principal amount. The amendments will become effective upon the consummation of the acquisition and satisfaction of other conditions.
Masonite International (NYSE: DOOR) reported first-quarter results for 2024, showing an 8% decrease in net sales compared to the same period in 2023. However, net income attributable to Masonite increased by 59%, with diluted earnings per share also rising by 60%. Adjusted EPS and EBITDA saw declines. The company is focused on price-cost management and the successful integration of acquisitions to drive profitability. Masonite shareholders approved a pending acquisition by Owens Corning, with the transaction expected to close in May 2024.
Owens Corning and Masonite International have announced an exchange offer and consent solicitation related to Owens Corning's planned acquisition of Masonite. The exchange offer involves exchanging 3.50% Senior Notes due 2030 issued by Masonite for new notes to be issued by Owens Corning, along with soliciting consents for proposed amendments to the indenture governing the existing notes. The offer includes various payments and considerations, subject to specific conditions and deadlines.
Owens Corning (OC) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for the planned acquisition of Masonite International (DOOR). The waiting period ended on April 26, 2024, satisfying a closing condition for the transaction. Masonite shareholders have already approved the acquisition, with the closing expected in May 2024, pending customary conditions.
Owens Corning, a global leader in building and construction materials, focuses on sustainable material innovation through its Roofing, Insulation, and Composites businesses. With a strong presence in 30 countries and sales of $9.7 billion in 2023, the company aims to provide energy-efficient solutions and create value for customers and shareholders.
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