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Business

Akanksha Bakshi

Cornerstone Building Brands Stock Soars After CD&R Bids For The Remaining Stake

Cornerstone Building CNR NYSE

Cornerstone Building Brands Inc (NYSE:CNR) has received a non-binding proposal from funds affiliated with Clayton, Dubilier & Rice, LLC to acquire all its outstanding shares of common stock for $24.65 in cash per share.
The offer price represents a 34% premium to Friday's closing price of $18.40.
CD&R already owns ~49% of Cornerstone Building's shares.
The board of directors has previously formed a special committee of independent directors to evaluate the proposal from CD&R and any other alternative suggestions or other strategic alternatives available to the company.
Price Action: CNR shares are trading higher by 21.9% at $22.44 on the last check Monday.

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