Masterbrand, Inc. shares rise 9.84% intraday after announcing a $900 million acquisition of American Woodmark Corporation.

Masterbrand, Inc. rose 9.84% intraday, driven by the announcement of a definitive agreement to acquire American Woodmark Corporation for approximately $900 million. The merger, valued at $3.6 billion, will see American Woodmark shareholders receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock owned. The combined company will have a pro forma equity value of $2.4 billion, with MasterBrand and American Woodmark shareholders owning approximately 63% and 37% of the combined company, respectively.