Filing Flows › Agilysys (AGYS) › Takeover & LBO
Is Agilysys (AGYS) a takeover target?
A leveraged buyout at today's price plus 30% ($142.87 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.1% of companies with its figures were bought within a year (0.82× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $142.87 | today's $109.90 plus 30% |
| × shares | 28.6 million | |
| = Equity value | $4.1B | |
| + Debt refinanced | $0 | |
| − Cash | $117M | |
| = Enterprise value | $4.0B | 74.8× EBITDA of $53.1M |
| Fees | $79.3M | 2% of the price |
| New debt | $292M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.8B | 93% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $372M | $57.3M | $22.3M | $24.9M | $267M |
| Year 2 | $397M | $61.2M | $20.4M | $29.8M | $237M |
| Year 3 | $419M | $64.5M | $18.1M | $34.7M | $202M |
| Year 4 | $437M | $67.3M | $15.5M | $39.5M | $163M |
| Year 5 | $450M | $69.3M | $12.5M | $44.1M | $119M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 57.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.9B | |
| − Debt left | $119M | |
| = Buyer's equity | $3.8B | |
| Money multiple | 1.02× | on $3.8B put in |
| Buyer's yearly return (IRR) | 0.4% |
Price against return
What the buyer makes at other premiums over today's $109.90.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $120.89 | 4.2% |
| 20% | $131.88 | 2.2% |
| 30% | $142.87 | 0.4% |
| 40% | $153.86 | −1.2% |
| 50% | $164.85 | −2.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $344M | |
| EBITDA, last 12 months | $53.1M | 15.4% of revenue |
| Depreciation and amortization | $3.7M | |
| Capital spending | $1.7M | |
| Debt | $0 | |
| Cash | $117M | |
| Share price | $109.90 | on Oct 16, 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 8.0% 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 18% 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 in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Agilysys would cost about $142.87 a share, $4.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $123.09 | $3.5B |
| Median | 30% | $142.87 | $4.1B |
| High end (a quarter paid more) | 31% | $143.97 | $4.1B |
The odds, from history
Historically 4.1% of companies with its figures were bought within a year (0.82× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Agilysys' latest quarter
Agilysys, Q2 FY27: revenue $93.4M (+18% year over year), operating margin 16.3%, net earnings $13.2M, operating cash flow $15.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is Agilysys being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Agilysys?
A leveraged buyout at today's price plus 30% ($142.87 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Agilysys cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Agilysys would cost about $142.87 a share, $4.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.