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Filing Flows › Blackline (BL) › Takeover & LBO

Is Blackline (BL) a takeover target?

A leveraged buyout at today's price plus 30% ($38.74 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.8% of companies with its figures were bought within a year (0.76× the average).

Share price$29.80
Offer at +30%$38.74
Buyer's IRR1%
EV / EBITDA19.0×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$38.74today's $29.80 plus 30%
× shares68.6 million
= Equity value$2.7B
+ Debt refinanced$0
− Cash$528M
= Enterprise value$2.1B26.7× EBITDA of $79.8M
Fees$42.6M2% of the price
New debt$439M5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$1.7B80% of the cost

5 years under the buyer

Blackline: buyout debt left, year by yearBlackline: buyout debt left, year by year$439MEntry$398MYear 1$349MYear 2$294MYear 3$231MYear 4$161MYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$791M$86.2M$33.6M$40.9M$398M
Year 2$844M$92.0M$30.4M$48.4M$349M
Year 3$891M$97.0M$26.7M$55.8M$294M
Year 4$929M$101M$22.5M$63.0M$231M
Year 5$957M$104M$17.6M$69.9M$161M

The exit and the buyer's return

ExitAmount
Exit multiple19.0× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$2.0B
− Debt left$161M
= Buyer's equity$1.8B
Money multiple1.05×on $1.7B put in
Buyer's yearly return (IRR)1.0%

Price against return

What the buyer makes at other premiums over today's $29.80.

PremiumPrice a shareBuyer's IRR
10%$32.786.7%
20%$35.763.6%
30%$38.741.0%
40%$41.72−1.3%
50%$44.70−3.3%

The figures used

FigureAmount
Revenue, last 12 months$732M
EBITDA, last 12 months$79.8M10.9% of revenue
Depreciation and amortization$48.1M
Capital spending$5.2M
Debt$0
Cash$528M
Share price$29.80on 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 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 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, Blackline would cost about $38.74 a share, $2.7B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)12%$33.38$2.3B
Median30%$38.74$2.7B
High end (a quarter paid more)31%$39.04$2.7B

The odds, from history

Historically 3.8% of companies with its figures were bought within a year (0.76× 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.

Blackline's latest quarter

Blackline, Q3 2026: revenue $193M (+8% year over year), operating margin 8.6%, net earnings $10.6M, operating cash flow $67.1M. The chart follows the revenue to costs, profit and cash.

Questions

Is Blackline being acquired?

No headline, 8-K or 13D about a sale is on file in the last year.

Could private equity buy Blackline?

A leveraged buyout at today's price plus 30% ($38.74 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.

What would a takeover of Blackline 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, Blackline would cost about $38.74 a share, $2.7B for all its shares.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.