Filing Flows › Aptargroup (ATR) › Takeover & LBO
Is Aptargroup (ATR) a takeover target?
A leveraged buyout at today's price plus 30% ($178.36 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $107.49 a share (−22% against today's $137.20). Historically 2.2% of companies with its figures were bought within a year (0.43× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $178.36 | today's $137.20 plus 30% |
| × shares | 64.1 million | |
| = Equity value | $11.4B | |
| + Debt refinanced | $1.4B | |
| − Cash | $212M | |
| + Other claims | $18.8M | preferred stock, minority interests |
| = Enterprise value | $12.6B | 16.1× EBITDA of $783M |
| Fees | $252M | 2% of the price |
| New debt | $4.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $8.6B | 67% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $4.3B | $846M | $329M | $136M | $4.2B |
| Year 2 | $4.6B | $903M | $319M | $174M | $4.0B |
| Year 3 | $4.9B | $952M | $306M | $212M | $3.8B |
| Year 4 | $5.1B | $993M | $290M | $249M | $3.5B |
| Year 5 | $5.2B | $1.0B | $270M | $283M | $3.3B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 12.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $13.0B | |
| − Debt left | $3.3B | |
| = Buyer's equity | $9.8B | |
| Money multiple | 1.14× | on $8.6B put in |
| Buyer's yearly return (IRR) | 2.7% |
Price against return
What the buyer makes at other premiums over today's $137.20; the IRR reaches 20% at $107.49 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $150.92 | 7.6% |
| 20% | $164.64 | 5.0% |
| 30% | $178.36 | 2.7% |
| 40% | $192.08 | 0.7% |
| 50% | $205.80 | −1.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $4.0B | |
| EBITDA, last 12 months | $783M | 19.6% of revenue |
| Depreciation and amortization | $307M | |
| Capital spending | $279M | |
| Debt | $1.4B | |
| Cash | $212M | |
| Share price | $137.20 | 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 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 26% 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, Aptargroup would cost about $181.79 a share, $11.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $164.64 | $10.6B |
| Median | 32.5% | $181.79 | $11.7B |
| High end (a quarter paid more) | 51.8% | $208.27 | $13.4B |
The odds, from history
Historically 2.2% of companies with its figures were bought within a year (0.43× the average). Its figures put it in decile 1 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.
Aptargroup's latest quarter
Aptargroup, Q3 2026: revenue $1.0B (+6% year over year), operating margin 13.2%, net earnings $32.8M, operating cash flow $168M. The chart follows the revenue to costs, profit and cash.
Questions
Is Aptargroup being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Aptargroup?
A leveraged buyout at today's price plus 30% ($178.36 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $107.49 a share (−22% against today's $137.20).
What would a takeover of Aptargroup 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, Aptargroup would cost about $181.79 a share, $11.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.