M&A · Industrials · Operative Builders
Sekisui House, Ltd. to acquire M.D.C. Holdings, Inc.
Announced Jan 18, 2024 · Closed Apr 19, 2024
Deal value$4.90BEV $4.82B
Premium19.0%To unaffected price
EV / Adj. EBITDA9.1x0.8x EV / Revenue
ConsiderationAll cash$63.00 per share
Transaction
- Acquirer
- Sekisui House, Ltd.
- Target
- M.D.C. Holdings, Inc. (MDC)
- Buyer type
- Strategic
- Offer price per share
- $63.00
- Enterprise value
- $4.82B
- Status
- Closed Apr 19, 2024
Deal protections
- Break fee (target pays)
- $147M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Moelis, MUFG, Morgan Stanley
- To the target
- Vestra Advisors
- Vestra Advisors fee
- $21.0M
Sector context · Industrials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 19.0% vs. 47.1% sector median
- EV / Adj. EBITDA
- 9.1x vs. 10.8x sector median
- Break fee
- 3.0% vs. 2.8% sector median
Timeline
- AnnouncedJan 18, 2024
- Proxy filedFeb 23, 2024
- Definitive proxyMar 4, 2024
- Shareholder voteApr 2, 2024
- ClosedApr 19, 2024
Valuation · fairness opinions
Trading comparables$50.35$59.05
Trading comparables$42.90$55.10
Precedent transactions$49.35$57.90
Discounted cash flow$55.10$66.55
Analyst price targets$49.00$57.00
Offer $63.00
Implied value per M.D.C. Holdings, Inc. share by analysis, from Vestra Advisors · DCF discount rate 11.7%–13.2%.