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Cornerstone Shares Surge on Buyout Offer from Clayton Dublier & Rice

·1 min read

By Sam Boughedda

Investing.com — Cornerstone Building Brands Inc (NYSE:CNR), the exterior building products manufacturer, surged over 22% Monday after it received a non-binding buyout bid from private-equity firm Clayton Dubilier&Rice LLC.

Clayton Dublier is Cornerstone's largest shareholder, with an approximately 49% stake. The offer is for the remaining shares at $24.65 in cash per share, representing a 34% premium to Friday's $18.40 closing price.

The offer represents the "best and final proposal," the buyout firm said.

Cornerstone was formed in 2018 through a merger of NCI Building Systems and Clayton's Ply Gem.

The company's shares are now up over 28% for the year-to-date and more than 90% in the last 12 months. At the start of the pandemic in 2020, the company's shares were trading around the $9.12 mark.

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