(Cornerstone) Cornerstone Building Brands Inc. rose 24% on Monday after disclosing a buyout bid of about $3.11 billion by Clayton, Dubilier & Rice LLC.
CD&R, already owning 49% of Cornerstone, says it will pay $24.65 in cash for the remaining shares, representing a 34% premium to Friday’s closing price of $18.40.
Cornerstone says it is also considering other strategic alternatives besides CD&R buyout bid.
Following the stock jump, Cornerstone now heads for the highest in around three and half years. The stock has appreciated by 8% in the last three months.
CNR: NYSE is up +23.91% on premarket.
