44 Mins Ago
PGT Innovations gets $41.50 offer from Miter Brands, topping Masonite $41 bid
Window and door maker PGT Innovations received an unsolicited $41.50 a share cash buyout offer from Miter Brands, topping a Dec. 18 agreed upon offer of $41 a share from Masonite International.
PGT climbed another 4.6% postmarket Tuesday after dropping 1.2% during regular trading.
PGT’s board, alongside its financial advisor Evercore, will “carefully review” the Miter offer “to determine if it is reasonably likely to lead to a superior proposal.”
PGT first rejected a $33-a-share buyout offer from Miter in early October, according to reports from Reuters at the time. Reuters said Miter is backed by Koch Industries.
— Scott Schnipper
2 Hours Ago
Office Depot/OfficeMax parent slides postmarket as activist leaves board
Office Depot and OfficeMax parent ODP Corporation fell 5% postmarket after a Jan. 2021 agreement with hedge fund HG Vora expired and Marcus Dunlop, an HG partner, left the ODP board effective Dec. 31, 2023.
HG Vora, which owns 3m ODP shares representing about 8%, remains “supportive of the Board’s ongoing efforts to execute on its long-term strategy and shareholder-focused capital allocation plan,” Dunlop said.
On Dec. 18, HG Vora disclosed an 18.5% position in Penn Entertainment, said it engaged in talks with management and the board to enhance shareholder value and asked for representation on the board, according to a 13D filing with the SEC.
— Scott Schnipper
2 Hours Ago
AI differs from previous internet and VR bubbles, Bank of America says
The rising insurgence of artificial intelligence applications propelled technology stocks higher in 2024.
But some investors have been questioning the viability of the AI trend, comparing it to previous short-lived themes like the Internet bubble of the 1999s or the VR bubble of the 2020s, according to Bank of America’s Robert Cheng.
The analyst, however, disagrees with these concerns.
“We believe AI is different because the key players are global CSPs [cloud service providers] and enterprises, vs. mostly start-ups focusing on consumer market during the Internet and the VR bubbles,” he wrote. “CSPs/enterprises invest AI-related capex to enhance/create business models and increase sales/efficiency.”
— Lisa Kailai Han
2 Hours Ago
Bloomin’ Brands pops 4% after appointing two directors
Outback Steakhouse owner Bloomin’ Brands jumped 4% after the company named two directors to its board as part of an agreement reached with activist investor Starboard Value, which owns a roughly 10% stake in the company.
Both Dave George, former chief operating officer of Darden Restaurants, and Jon Sagal, a partner at Starboard, will join the board.
Bloomin’ also announced it is forming an operating comittee on its board tasked with indeifying potential areas of improvement.
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Bloomin’ Brands jumps after company appoints two new board members
3 Hours Ago
