Filing Flows › Bio-Rad Laboratories (BIO) › Takeover & LBO
Is Bio-Rad Laboratories (BIO) a takeover target?
A leveraged buyout at today's price plus 30% ($483.83 a share) would return a loss of about 5% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.2% of companies with its figures were bought within a year (0.64× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $483.83 | today's $372.18 plus 30% |
| × shares | 26.9 million | |
| = Equity value | $13.0B | |
| + Debt refinanced | $1.2B | |
| − Cash | $1.7B | |
| = Enterprise value | $12.6B | 121.5× EBITDA of $104M |
| Fees | $252M | 2% of the price |
| New debt | $569M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $12.3B | 96% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.6B | $105M | $43.5M | −$83.1M | $652M |
| Year 2 | $2.7B | $107M | $49.9M | −$91.2M | $744M |
| Year 3 | $2.7B | $109M | $56.9M | −$100M | $844M |
| Year 4 | $2.8B | $112M | $64.5M | −$110M | $954M |
| Year 5 | $2.9B | $115M | $73.0M | −$121M | $1.1B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 92.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $10.7B | |
| − Debt left | $1.1B | |
| = Buyer's equity | $9.6B | |
| Money multiple | 0.78× | on $12.3B put in |
| Buyer's yearly return (IRR) | −4.8% |
Price against return
What the buyer makes at other premiums over today's $372.18.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $409.40 | −1.3% |
| 20% | $446.62 | −3.1% |
| 30% | $483.83 | −4.8% |
| 40% | $521.05 | −6.3% |
| 50% | $558.27 | −7.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.6B | |
| EBITDA, last 12 months | $104M | 4.0% of revenue |
| Depreciation and amortization | $165M | |
| Capital spending | $139M | |
| Debt | $1.2B | |
| Cash | $1.7B | |
| Share price | $372.18 | 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 1.4% 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 23% 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 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bio-Rad Laboratories would cost about $521.05 a share, $14.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $426.89 | $11.5B |
| Median | 40% | $521.05 | $14.0B |
| High end (a quarter paid more) | 60.2% | $596.23 | $16.1B |
The odds, from history
Historically 3.2% of companies with its figures were bought within a year (0.64× the average). Its figures put it in decile 3 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.
Bio-Rad Laboratories' latest quarter
Bio-Rad Laboratories, Q3 2026: revenue $656M (+0.5% year over year), operating margin -7.6%, net earnings $459M, operating cash flow $96.4M. The chart follows the revenue to costs, profit and cash.
Questions
Is Bio-Rad Laboratories being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Bio-Rad Laboratories?
A leveraged buyout at today's price plus 30% ($483.83 a share) would return a loss of about 5% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Bio-Rad Laboratories cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bio-Rad Laboratories would cost about $521.05 a share, $14.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.