Cornerstone Building Brands Inc. said it has reached a deal to sell itself to private-equity firm Clayton, Dubilier & Rice LLC in a deal that values Cornerstone at about $3.13 billion.
CD&R already owned about 49% of the company’s outstanding shares prior to the deal, it said.
Shareholders of Cornerstone, a manufacturer and marketer of exterior building products, will receive $24.65 in cash for each share owned. That marks a 16% premium over the company’s closing stock price on Friday, and a 75% premium over the closing price on Feb. 4, before news reports suggested a deal could be in works.
The deal is expected to close in the second or third quarter of 2022, the companies said.
Including the assumption of debt, the deal is valued at about $5.8 billion, the companies said.