Filing Flows › First Majestic Silver (AG) › Takeover & LBO
Is First Majestic Silver (AG) a takeover target?
A leveraged buyout at today's price plus 30% ($20.01 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.81 a share (−17% against today's $15.39).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $20.01 | today's $15.39 plus 30% |
| × shares | 491.3 million | |
| = Equity value | $9.8B | |
| + Debt refinanced | $0 | |
| − Cash | $0 | |
| = Enterprise value | $9.8B | 14.9× EBITDA of $661M |
| Fees | $197M | 2% of the price |
| New debt | $3.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $6.4B | 64% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.3B | $680M | $278M | $295M | $3.3B |
| Year 2 | $1.3B | $701M | $255M | $326M | $3.0B |
| Year 3 | $1.4B | $722M | $230M | $358M | $2.7B |
| Year 4 | $1.4B | $743M | $203M | $393M | $2.3B |
| Year 5 | $1.5B | $766M | $173M | $430M | $1.8B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 11.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $8.8B | |
| − Debt left | $1.8B | |
| = Buyer's equity | $6.9B | |
| Money multiple | 1.08× | on $6.4B put in |
| Buyer's yearly return (IRR) | 1.6% |
Price against return
What the buyer makes at other premiums over today's $15.39; the IRR reaches 20% at $12.81 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $16.93 | 7.4% |
| 20% | $18.47 | 4.3% |
| 30% | $20.01 | 1.6% |
| 40% | $21.55 | −0.6% |
| 50% | $23.09 | −2.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.3B | |
| EBITDA, last 12 months | $661M | 52.5% of revenue |
| Depreciation and amortization | $263M | |
| Capital spending | $62.1M | |
| Debt | $0 | |
| Cash | $0 | |
| Share price | $15.39 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 3.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 30% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, First Majestic Silver would cost about $20.39 a share, $10.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $18.47 | $9.1B |
| Median | 32.5% | $20.39 | $10.0B |
| High end (a quarter paid more) | 51.8% | $23.36 | $11.5B |
First Majestic Silver's latest quarter
First Majestic Silver, Q3 2026: revenue $394M, operating margin 38.6%, net earnings $74.5M. The chart follows the revenue to costs, profit and cash.
Questions
Is First Majestic Silver being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy First Majestic Silver?
A leveraged buyout at today's price plus 30% ($20.01 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.81 a share (−17% against today's $15.39).
What would a takeover of First Majestic Silver cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, First Majestic Silver would cost about $20.39 a share, $10.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.