Cornerstone Building Brands Inc. CNR, +1.28% said Monday it agreed to be acquired by private equity firm Clayton, Dubilier & Rice in an all-cash, take-private deal that values the Cary, N.C.-based building products manufacturer at $5.8 billion, including debt. The purchase price of $24.65 a share values Cornerstone Brands at a premium of 16% over its closing price on Friday and 75% above its Feb. 4 price, prior to speculation about a deal. Clayton, Dubilier & Rice already owns about 49% of the company’s common stock. The proposed deal has been approved by a special committee of independent directors of the company’s board of directors. The committee was formed to evaluate and consider any potential or proposal from CD&R. The Cornerstone Building Brands board of directors has approved the proposed transaction as well. The deal is expected to close in the second or third quarter and will require shareholder approval. Shares of Cornerstone Brands rose 12.7% in premarket trades.
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