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Private equity firm CD&R offers to buy rest of Cornerstone Building Brands -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Cornerstone Building Brands (NYSE:) Inc said on Monday that private equity group Clayton, Dubilier & Rice (CD&R) had proposed to acquire the rest of the building products maker for $24.65 per share in cash.

The offer by CD&R, which currently owns about 49% of Cornerstone’s common stock, represents a premium of about 34% to the stock’s last close on Friday.

Cornerstone’s shares rose more than 25% in premarket trade to $23.08 According to Refinitiv IBES data, Cornerstone had a market capitalization of approximately $2.32 Billion as of Friday’s closing.

CD&R intends to remain a shareholder of Cornerstone if a potential deal cannot be completed under its proposal, the buyout firm said in an SEC filing, adding that it was not interested in pursuing any alternative transactions.

Bloomberg News published the information on Thursday.

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