Filing Flows › Apogee Enterprises (APOG) › Takeover & LBO
Is Apogee Enterprises (APOG) a takeover target?
A leveraged buyout at today's price plus 30% ($58.81 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $41.00 a share (−9% against today's $45.24). Historically 4.7% of companies with its figures were bought within a year (0.94× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $58.81 | today's $45.24 plus 30% |
| × shares | 20.9 million | |
| = Equity value | $1.2B | |
| + Debt refinanced | $232M | |
| − Cash | $42.7M | |
| = Enterprise value | $1.4B | 9.2× EBITDA of $155M |
| Fees | $28.4M | 2% of the price |
| New debt | $850M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $597M | 41% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.5B | $159M | $65.0M | $44.0M | $806M |
| Year 2 | $1.5B | $164M | $61.7M | $49.2M | $757M |
| Year 3 | $1.6B | $169M | $57.9M | $54.7M | $702M |
| Year 4 | $1.6B | $174M | $53.7M | $60.6M | $642M |
| Year 5 | $1.7B | $179M | $49.1M | $66.9M | $575M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 7.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.3B | |
| − Debt left | $575M | |
| = Buyer's equity | $741M | |
| Money multiple | 1.24× | on $597M put in |
| Buyer's yearly return (IRR) | 4.4% |
Price against return
What the buyer makes at other premiums over today's $45.24; the IRR reaches 20% at $41.00 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $49.76 | 12.2% |
| 20% | $54.29 | 8.2% |
| 30% | $58.81 | 4.4% |
| 40% | $63.34 | 1.3% |
| 50% | $67.86 | −1.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.4B | |
| EBITDA, last 12 months | $155M | 10.8% of revenue |
| Depreciation and amortization | $51.6M | |
| Capital spending | $33.3M | |
| Debt | $232M | |
| Cash | $42.7M | |
| Share price | $45.24 | on Oct 30, 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 28% 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, Apogee Enterprises would cost about $59.94 a share, $1.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $54.29 | $1.1B |
| Median | 32.5% | $59.94 | $1.3B |
| High end (a quarter paid more) | 51.8% | $68.67 | $1.4B |
The odds, from history
Historically 4.7% of companies with its figures were bought within a year (0.94× the average). Its figures put it in decile 5 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.
Apogee Enterprises' latest quarter
Apogee Enterprises, Q2 FY27: revenue $391M (+9% year over year), operating margin 8.6%, net earnings $22.4M, operating cash flow $35.8M. The chart follows the revenue to costs, profit and cash.
Questions
Is Apogee Enterprises being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Apogee Enterprises?
A leveraged buyout at today's price plus 30% ($58.81 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $41.00 a share (−9% against today's $45.24).
What would a takeover of Apogee Enterprises 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, Apogee Enterprises would cost about $59.94 a share, $1.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.