M&A · Industrials · Millwood, Veneer, Plywood, & Structural Wood Members
Owens Corning to acquire Masonite International Corp
Announced Feb 9, 2024 · Closed May 15, 2024
Deal value$3.90BEV $3.65B
Premium38.0%To unaffected price
EV / Adj. EBITDA9.1x1.3x EV / Revenue
ConsiderationAll cash$133.00 per share
Transaction
- Acquirer
- Owens Corning (OC)
- Target
- Masonite International Corp (DOOR)
- Buyer type
- Strategic
- Offer price per share
- $133.00
- Enterprise value
- $3.65B
- Status
- Closed May 15, 2024
Deal protections
- Break fee (target pays)
- $75.0M · 1.9%
- Reverse fee (buyer pays)
- $150M · 3.8%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley, Lazard
- To the target
- Goldman Sachs, Jefferies
- Jefferies fee
- $5.0M
Sector context · Industrials
- Comparable deals
- 83 in the prior 24 months
- Premium
- 38.0% vs. 43.0% sector median
- EV / Adj. EBITDA
- 9.1x vs. 10.8x sector median
- Break fee
- 1.9% vs. 2.8% sector median
Timeline
- AnnouncedFeb 9, 2024
- Proxy filedMar 8, 2024
- Definitive proxyMar 22, 2024
- Shareholder vote—
- ClosedMay 15, 2024
Valuation · fairness opinions
Trading comparablesGoldman Sachs$122.00$153.00
Trading comparablesGoldman Sachs$101.00$150.00
Premiums paidGoldman Sachs$109.00$139.00
Trading comparablesJefferies$87.00$106.00
Precedent transactionsJefferies$121.00$160.00
Precedent transactionsJefferies$129.00$162.00
Offer $133.00
Implied value per Masonite International Corp share by analysis, from Goldman Sachs and Jefferies · DCF discount rate 9%–11%.