Cornerstone Building Brands, a manufacturer of exterior building products, said on Monday it has agreed to be taken private by shareholder Clayton, Dubilier & Rice (CD&R) in a $5.8 billion deal, including debt.

The private equity firm, which owns about 49% of Cornerstone's common stock, has offered the target's shareholders $24.65 in cash for each share held.

The offer represents an about 16% premium to the closing price of Cornerstone's shares on Friday. Cornerstone's shares rose more than 13% in premarket trading.

The deal is expected to close in the second or third quarter of 2022. (Reporting by Aishwarya Nair and Kannaki Deka in Bengaluru; Editing by Sriraj Kalluvila)