The proposed transaction has been approved by a special committee of independent directors of the company’s board of directors (the Special Committee) previously formed to evaluate and consider any potential or actual proposal from CD&R. The board of directors of the company has approved the proposed transaction on the recommendation of the Special Committee.

“We believe this transaction provides substantial value for our shareholders while also accelerating Cornerstone Building Brands’ aspiration to become a premier exterior building solutions company,” said Rose Lee, president and CEO of Cornerstone Building Brands. “We have grown our business and portfolio since 2018 when the company was created, delivering high-quality exterior building products with a strong focus on being a partner of choice for our customers. CD&R will continue to be an outstanding partner as we advance our operational improvements and innovation-driven growth to create many positive outcomes for our customers and employees.”

Special Committee Chair George L. Ball said the transaction will deliver a significant and immediate cash premium to shareholders, who will receive $24.65 in cash per share, representing an approximately 16% premium to the closing price of the company’s common stock as of March 4, 2022.

“The Special Committee thoroughly reviewed CD&R’s proposal, considering the benefits of the transaction against other strategic alternatives available to the Company, including continuing as a publicly-traded company," said Ball. "Following this review, the board determined this transaction is the best path forward for Cornerstone Building Brands and its shareholders.”

J.L. Zrebiec, partner at CD&R, said, Cornerstone Building Brands has an outstanding team and portfolio of products well-positioned to meet the needs of today’s evolving market.

"We are confident that as a privately held company, with CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned in its next phase of growth.”