M&A · Industrials · Millwood, Veneer, Plywood, & Structural Wood Members
MasterBrand, Inc. to acquire American Woodmark Corp
Announced Aug 6, 2025 · Closed May 28, 2026
Deal value—
Premium5.5%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- MasterBrand, Inc. (MBC)
- Target
- American Woodmark Corp (AMWD)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 28, 2026
Deal protections
- Break fee (target pays)
- $25.0M
- Reverse fee (buyer pays)
- $35.0M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Rothschild & Co
- To the target
- Jefferies
Sector context · Industrials
- Comparable deals
- 98 in the prior 24 months
- Premium
- 5.5% vs. 39.0% sector median
- EV / Adj. EBITDA
- Sector median 9.6x
- Break fee
- Sector median 2.7%
Timeline
- AnnouncedAug 6, 2025
- Proxy filedSep 25, 2025
- Definitive proxySep 25, 2025
- Shareholder voteOct 30, 2025
- ClosedMay 28, 2026
Valuation · fairness opinions
Trading comparablesRothschild & Co$8.73$13.86
Trading comparablesRothschild & Co$8.85$14.48
Trading comparablesRothschild & Co$46.02$68.69
Trading comparablesRothschild & Co$42.73$66.27
Precedent transactionsRothschild & Co$13.26$17.24
Trading comparablesJefferies$52.13$64.91
Trading comparablesJefferies$9.53$12.08
Trading comparablesJefferies$55.68$69.55
Trading comparablesJefferies$10.56$13.36
Discounted cash flowJefferies$86.10$109.70
Implied value per American Woodmark Corp share by analysis, from Rothschild & Co and Jefferies · DCF discount rate 11%–13%.