New PE bid looms for vinyl siding maker Ply Gem

Private 🙈equity firm Clayton, Dubilier & Rice might have competition for vinyl siding maker Ply Gem Industries, The Post has learned.

Rival PE firm Hellman & Friedman is weighing a bid for Ply Gem that could top CD&R’s $2.4 billion deal for the Cary, NC, companyജ, according to two sources familiar with H&F’s thinking.

CD&R agreed on Jan. 31 to buy Ply Gem, which also makes vinyl and aluminum windows, for $21.64 per share𒈔 — a 20 percent premium to its stock price.

CD&ཧamp;R is also in the process of buying Atrium Windows & Doors — which ♈it plans to merge with Ply Gem.

Ply Gem’s shares ꧑were trading Thursday morning at $2🔯1.45.

H&F is also active in the buildings materials sector, owning vinyl windows and vinyl siding maker Associated Materials. Th🌼e PE firm has started due diligence on Ply Gem, sources said, but it has not yet decided if it will make a competing offer.

“They have to move quickly,” one of the sources said, adding he was not sure H&F would have a better offer ready in time ▨to to💞p rival CD&R.

CD&R is expecting to close the Ply Gem deal in the second quarter, it said in a statement when the ℱdeal was announced. It would be entitled to a $45 mill🍎ion break-up fee if the deal is upset.

Manhattan financier Fred Iseman𝔍 owns the majority of Ply Gem’s shares and is open to a competing offer, sources said🍬.

There was a time when PE firms did not jump each other’s signed deals, but that rule in recenꦆt years has seemed less sacred.

H&F declined comment. Ply Gem did not retur𒉰n calls by press time.