The Company has an outstanding team and portfolio of products well-positioned to meet the needs of today’s evolving market. Zrebiec, Partner at CD&R, said, "As a supportive long-term investor over a number of years, we have seen firsthand the significant value that Cornerstone Building Brands brings to its customers and communities across North America.
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This transaction reflects the significant value of our business and leadership position in the building products industry."
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Following this review, the Board determined this transaction is the best path forward for Cornerstone Building Brands and its shareholders. "The Special Committee thoroughly reviewed CD&R’s proposal, considering the benefits of the transaction against other strategic alternatives available to the Company, including continuing as a publicly-traded company. "We are pleased to have reached this agreement with CD&R, which delivers a significant and immediate cash premium to our shareholders," said George L. The Board of Directors of the Company has approved the proposed transaction on the recommendation of the Special Committee. The proposed transaction has been approved by a special committee of independent directors of the Company’s Board of Directors (the "Special Committee") previously formed to evaluate and consider any potential or actual proposal from CD&R.
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The proposed transaction delivers substantial value to Cornerstone Building Brands’ shareholders, who will receive $24.65 in cash per share, representing an approximately 16% premium to the closing price of the Company’s common stock as of March 4, 2022, and an approximately 75% premium to the closing price of the Company’s common stock as of February 4, 2022, the last trading day prior to speculation in the market regarding a potential transaction. (NYSE: CNR) ("Cornerstone Building Brands" or the "Company"), the largest manufacturer of exterior building products in North America, today announced that it has entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice ("CD&R") in an all-cash transaction with an enterprise value of approximately $5.8 billion, including the assumption of debt.ĬD&R, in the aggregate, is currently the beneficial owner of approximately 49% of the Company’s outstanding shares of common stock. Shareholders to Receive $24.65 in Cash Per ShareĬARY, N.C., March 07, 2022-( BUSINESS WIRE)-Cornerstone Building Brands, Inc.