Fortune Brands Home & Security Inc. agreed to acquire kitchen and bathroom cabinet maker Norcraft Cos. in a all-cash deal valued at about $600 million.
Deerfield, Ill.-based Fortune Brands offered $25.50 a share, an 11% premium to Norcrafts NCFT, +11.35% close on Friday.
Fortune Brands FBHS, +5.45% whose brands include MasterBrand cabinets, Moen faucets and Master Lock and SentrySafe security products, said Norcraft will be merged into its cabinets business.
Under the dealexpected to close in the second quarterNorcraft may solicit alternative acquisition proposals from third parties during a 35-day go-shop period.
Norcraft said it amended certain employment amendments and reached severance agreements with certain executives and senior managers in connection with the deal, with the aim of providing sufficient protection to provide an incentive to stay on through the deals close.
An expanded version of this report appears at WSJ.com.
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The Wall Street Journal: Fortune Brands agrees to acquire cabinetry maker Norcraft
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