HBP - HBP STOCK NEWS

Woodgrain has extended its tender offer to acquire all outstanding shares of Huttig Building Products (NASDAQ: HBP) until May 2, 2022. The offer, initiated on March 28, 2022, is set at $10.70 per share in cash. By April 22, 2022, 8,047,767 shares, representing approximately 29.4% of Huttig’s total shares, had been validly tendered. The extension aims to provide additional time for Huttig shareholders to submit documentation and for Woodgrain to finalize financing. The offer remains subject to conditions, including the tendering of a majority of Huttig's outstanding shares.

On March 28, 2022, Woodgrain announced a cash tender offer to purchase all outstanding shares of Huttig Building Products (Nasdaq: HBP) at $10.70 per share. This offer represents a 12.6% premium over Huttig's closing price prior to the announcement and a 105% premium compared to its price from October 2021. The tender offer will expire on April 25, 2022, and is part of a merger agreement dated March 20, 2022. Huttig's board recommends that stockholders tender their shares. The acquisition will make Huttig a wholly owned subsidiary and cease its status as a publicly traded company.

Woodgrain has announced an agreement to acquire Huttig Building Products (NASDAQ: HBP) for $10.70 per share, valuing the deal at approximately $350 million, including debt. The acquisition will enhance Woodgrain’s distribution network and product offerings. Huttig’s management praised the all-cash offer as beneficial for stockholders and stakeholders. The transaction requires majority share tender and regulatory approvals, expected to close in the second quarter of 2022. Both companies' boards have unanimously approved the merger, marking a strategic expansion in the building materials sector.

Huttig Building Products (NASDAQ: HBP) reported a strong financial performance for Q4 2021, with net sales rising by 24.8% to $230.4 million and adjusted EBITDA at $9.7 million, significantly boosted by sales growth in major product categories despite supply chain challenges. Annual net sales for 2021 reached $937.8 million, an 18.4% increase from 2020, leading to a net income of $49.1 million from a previous loss. The company’s liquidity improved to $166.5 million, reflecting a robust operational model and demand-driven pricing in a competitive market.

Huttig Building Products (Nasdaq: HBP) will release its fourth quarter 2021 financial results on March 2, 2022, after market close. An earnings call with management is slated for March 3, 2022, at 10:00 a.m. CDT. As one of the largest wholesale distributors of millwork and specialty building products, Huttig operates 25 distribution centers across 41 states, serving clients in residential construction and home improvement.

Huttig Building Products reported strong third-quarter 2021 results with net sales of $245.3 million, a 15.3% increase year-over-year. Gross margins improved to 23.2%, while net earnings surged to $18.7 million compared to $6.1 million in Q3 2020. Total liquidity rose to $168.5 million from $69.8 million.

Sales growth was driven by increased residential construction activity and favorable pricing amid supply chain disruptions. The company’s strategic focus on higher-margin products contributed to improved profitability.

Huttig Building Products (HBP) is set to announce its third quarter 2021 financial results on November 3, 2021, after market close. The company plans to hold an earnings call on November 4, 2021, at 10:00 a.m. CDT. Huttig, a leading distributor of millwork and specialty building products, operates 25 distribution centers across 41 states, primarily catering to building materials dealers, national buying groups, and home centers. This announcement marks a significant moment for investors to gauge the company's performance in the residential construction sector.

Huttig Building Products (NASDAQ: HBP) has initiated a strategic review process to explore alternatives aimed at maximizing shareholder value. The Board of Directors is consulting with financial and legal advisors, including Lincoln International, but no timeframe for completion has been established. The company has served 137 years as a distributor of millwork and building materials, operating 25 distribution centers across 41 states. The outcome of this review is uncertain, and further updates will be disclosed as deemed appropriate.

Huttig Building Products (NASDAQ:HBP) has secured a new $250 million senior credit facility with a five-year term, extendable to $325 million through an uncommitted accordion. This facility replaces the existing credit arrangement, enhancing financial flexibility and reflecting a strong balance sheet amidst a challenging environment. Pricing is set at LIBOR plus 125 to 175 basis points, with an initial rate of LIBOR plus 125. Huttig, a leading distributor of building materials, operates 25 distribution centers across 41 states, servicing various commercial sectors.