Owens Corning (OC) has released an update to notify the public and investors about an entry into a material definitive agreement.
Owens Corning is set to acquire Masonite International Corporation, with Masonite becoming a wholly owned subsidiary at a purchase price of $133.00 per share. This significant transaction will be financed through a mix of cash and debt, including a $3 billion loan facility from Morgan Stanley Senior Funding, Inc. The deal hinges on customary closing conditions such as shareholder approval and regulatory clearances. Masonite’s equity awards will be converted or canceled, and in the case of an alternative superior proposal, Masonite may engage with other parties, potentially paying Owens Corning a termination fee if the agreement is dissolved.
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For a comprehensive understanding of the announcement, you can read the full document here.
