Woodgrain and Huttig Building Products announced that Woodgrain completed its previously announced acquisition of Huttig, a distributor of millwork, building materials, and wood products. According to Woodgrain, the acquisition will increase its distribution network, its product offering, and its value-added services.
The cash tender offer for Huttig announced on March 28, 2022 expired on May 2, 2022. Based on information from the depositary for the tender offer, 19,250,622 shares representing approximately 70.4% of the outstanding shares of common stock of Huttig were tendered and not withdrawn before the expiration of the offer, according to the company. All tendered shares were accepted for payment on May 3, 2022 and, pursuant to the agreement and plan of merger dated March 20 between Woodgrain, HBP Merger Sub, and Huttig, HBP Merger Sub merged into Huttig pursuant Section 251(h) of the Delaware General Corporation Law, and all untendered Huttig shares, other than those that perfect appraisal rights, were cancelled and converted into the right to receive $10.70 per share.
Fruitland, Idaho-based Woodgrain has six divisions and over 30 manufacturing and warehouse facilities in the United States and Chile. Huttig distributes its products through 25 distribution centers serving 41 states, selling principally to building materials dealers, national buying groups, home centers, and industrial users.