US door and window manufacturer PGT Innovations Inc. (NYSE:PGTI) has determined that the unsolicited takeover bid from local peer MITER Brands is "not superior" to its deal to be acquired by Masonite International Corp. (NYSE:DOOR). However, Miter's offer is worth exploring should the bidder improve several aspects of its proposal, PGT said in a statement.

According to the takeover target, the rival bidder should offer stronger contractual protections to address current closing risks. It also stressed that Miter has not offered to pay the termination fee, which PGT would have to pay if it terminates its transaction with Masonite. "We are planning to engage in discussions with Miter since we believe there is a reasonable basis for concluding that it would result in a superior proposal for PGTI stockholders,?

said Jeffrey Jackson, PGT president and CEO.