Masonite International Corp. announced last week that its shareholders have voted to approve the company’s proposed transaction with Owens Corning. The news comes weeks after a single shareholder filed suit opposing the acquisition.

As previously announced, under the terms of the transaction, Masonite shareholders will receive $133.00 per share in cash in connection with the closing of the transaction.

“We thank our shareholders for their overwhelming support of this transaction. Together with Owens Corning, we will be even better positioned to continue transforming the door industry through the execution of our proven Doors That Do More strategy. We will continue working to complete the transaction and are committed to a smooth transition for our stakeholders,” said Howard Heckes, president and CEO of Masonite.

Masonite expects to complete the transaction in mid-2024, subject to remaining regulatory approvals and other customary closing conditions, including issuance of the final order by the Supreme Court of British Columbia, approving the plan of arrangement.

Company officials report that approximately 99% of the votes cast at a special meeting voted in favor of the transaction. Masonite will disclose the final vote results, as certified by the independent inspector of elections, on a current report via Form 8-K with the U.S. Securities and Exchange Commission.

Meanwhile, the two companies also announced that, in connection with the previously announced tender offer by Owens Corning and consent solicitation by Masonite, they have extended the early participation deadline with respect to the tender offer and consent solicitation from 5 p.m., New York City time, on April 26, 2024, to 5 p.m., New York City time, on May 13, 2024, which is the same time and date as the expiration time of the tender offer and consent solicitation.

As previously announced, Owens Corning, MT Acquisition Co ULC, a wholly owned subsidiary of Owens Corning, and Masonite have entered into an arrangement agreement, dated as of February 8, 2024, providing for, among other things and subject to the terms and conditions of the arrangement agreement, the acquisition of all of Masonite’s issued and outstanding common shares by purchaser.

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