InsideArbitrage Event Driven Monitor – August 7, 2025

Merger Arbitrage

1. AMWD: The acquisition of American Woodmark Corporation (AMWD) by MasterBrand, Inc. (MBC) for a closing value of $1.3 billion. American Woodmark shareholders will receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock owned. The ratio represents a purchase price of $58.35 per share, which is at a premium of 7.42% from the stock’s last close. (Press Release)
2. ARIS: The acquisition of Aris Water Solutions, Inc. (ARIS) by Western Midstream Partners, LP (WES) for a closing value of $2 billion. Aris shareholders may elect to receive 0.625 Western Midstream common units, $25 in cash, or a combination of both, for each share of Aris common stock held, with the cash consideration being subject to proration to ensure that the total cash consideration paid by Western Midstream will not exceed $415 million of the aggregate merger consideration. In the aggregate, Western Midstream expects to issue approximately 26.6 million common units and pay roughly $415 million in cash, assuming maximum cash consideration, resulting in a total consideration mix of roughly 72% equity and 28% cash. The cash consideration of $25 per share represents a 25.44% premium from the stock’s last close. (Press Release)
3. IPG: UK’s Competition and Markets Authority (CMA) announced it has cleared the proposed acquisition of Interpublic (IPG) by Omnicom (OMC).

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