{"id":744165,"date":"2023-03-30T17:47:26","date_gmt":"2023-03-30T21:47:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pgt-innovations-inc-adopts-limited-duration-shareholder-rights-plan\/"},"modified":"2023-03-30T17:47:26","modified_gmt":"2023-03-30T21:47:26","slug":"pgt-innovations-inc-adopts-limited-duration-shareholder-rights-plan","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pgt-innovations-inc-adopts-limited-duration-shareholder-rights-plan\/","title":{"rendered":"PGT Innovations, Inc.Adopts Limited-Duration Shareholder Rights Plan"},"content":{"rendered":"

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PGT Innovations, Inc.<\/b>Adopts Limited-Duration Shareholder Rights Plan<\/b><\/p>\n

Board of Directors Takes Action to Ensure All PGTI Shareholders Have Opportunity to Realize <\/i>Full Value of Their Investment<\/i><\/p>\n

VENICE, Fla.–(BUSINESS WIRE<\/a>)–
\nPGT Innovations, Inc. (NYSE: PGTI), a national leader in premium windows and doors, including impact-resistant products, garage doors, and products designed to unify indoor\/outdoor living spaces, today announced that its Board of Directors has unanimously approved the adoption of a limited-duration shareholder rights plan (the \u201cRights Plan\u201d). The Board adopted the Rights Plan in response to a likely accumulation of PGT shares by a strategic investor.\n<\/p>\n

\n\u201cPGT is committed to engaging in constructive dialogue with all of our investors and we welcome their perspectives,\u201d said Jeff Jackson, President and Chief Executive Officer. \u201cWe also want to ensure investors are able to realize the full long-term value of their investment and receive fair and equal treatment, which is what the Rights Plan is designed to do.\u201d\n<\/p>\n

\nThe Rights Plan will reduce the likelihood that any entity, person or group gains control of the Company through open market accumulation without paying all other shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that it believes are in the best interests of shareholders.\n<\/p>\n

\nThe Rights Plan is similar to other plans adopted by publicly held companies in comparable circumstances. Under the Rights Plan, the rights will become exercisable if an entity, person or group acquires beneficial ownership of 10% or more of PGT\u2019s outstanding common stock in a transaction not approved by the Board. In the event that the rights become exercisable due to the triggering ownership threshold being crossed, each right will entitle its holder (other than the person, entity or group triggering the Rights Plan, whose rights will become void and will not be exercisable) to purchase, at the then-current exercise price, additional shares of common stock having a then-current market value of twice the exercise price of the right.\n<\/p>\n

\nThe Rights Plan is effective immediately and has a one-year duration, expiring on March 30, 2024.\n<\/p>\n

\nFurther details about the Rights Plan will be contained in a Form 8-K to be filed by the Company with the Securities and Exchange Commission.\n<\/p>\n

\nEvercore is acting as financial advisor to the Company and Davis Polk & Wardwell LLP is acting as legal counsel to the Company.\n<\/p>\n

About PGT Innovations, Inc.<\/b><\/p>\n

PGT Innovations<\/a> manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on Earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. PGT Innovations is also the nation\u2019s largest manufacturer of impact-resistant windows and doors and holds the leadership position in its primary market.\n<\/p>\n

\nThe PGT Innovations\u2019 family of brands include CGI\u00ae<\/a>, PGT\u00ae Custom Windows and Doors<\/a>, WinDoor\u00ae<\/a>, Western Window Systems<\/a>, Anlin Windows & Doors<\/a>, Eze-Breeze\u00ae<\/a>, NewSouth Window Solutions<\/a>, Martin Door<\/a>, and a 75 percent ownership stake in Eco Window Systems\u00ae<\/a>. The company\u2019s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit https:\/\/pgtinnovations.com\/<\/a>.\n<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “assume,” “believe,” “could,” “estimate,” “expect,” “guidance,” “intend,” “many,” “positioned,” “potential,” “project,” “think,” “should,” “target,” “will,” “would” and similar references to future periods.\n<\/p>\n

\nForward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:\n<\/p>\n