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Benzinga
Benzinga
Business
Akanksha Bakshi

Cornerstone Building Brands Agrees To Be Acquired By CD&R For $5.8B

CNR NYSE
  • Cornerstone Building Brands Inc (NYSE:CNR) has agreed to be acquired by Clayton, Dubilier & Rice (CD&R) affiliates in an all-cash transaction with an enterprise value of ~$5.8 billion, including debt.
  • Cornerstone Building Brands' shareholders will receive $24.65 in cash per share, representing a 16% premium to the closing price as of March 4, 2022. It represents a 75% premium to the closing price as of February 4, 2022, the last trading day before speculation in the market regarding a potential transaction.
  • Related: Cornerstone Building Brands Stock Soars After CD&R Bids For The Remaining Stake
  • CD&R beneficial owns approximately 49% of the company's outstanding shares of common stock.
  • This transaction will result in Cornerstone Building Brands becoming a private company and is expected to close in the second or third quarter of 2022.
  • Price Action: CNR shares are trading higher by 13.7% at $24.23 during the premarket session on Monday.
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