Fortune Brands Agrees To Acquire Norcraft - Quick Facts

(RTTNews) - Fortune Brands Home & Security, Inc. (FBHS) said it has signed an agreement to acquire Norcraft Companies, Inc. The purchase price is $25.50 per share, resulting in an enterprise value of approximately $600 million.

The company said the transaction will be financed under Fortune Brands' existing credit facility. Additional details will be provided on the Fortune Brands first quarter earnings call.

Fortune Brands stated that it expects to launch a tender offer for all outstanding Norcraft shares in approximately 15 days. Upon completion of the tender offer, Norcraft will be merged into Fortune Brands' cabinets business. The transaction is subject to the tender of a majority of Norcraft's shares and certain other customary closing conditions, and is expected to close in the second quarter.