Filing Flows › Bruker (BRKR) › Takeover & LBO
Is Bruker (BRKR) a takeover target?
A leveraged buyout at today's price plus 30% ($74.19 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.91 a share (−60% against today's $57.07). It already carries 10.0× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 2.9% of companies with its figures were bought within a year (0.59× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $74.19 | today's $57.07 plus 30% |
| × shares | 152.5 million | |
| = Equity value | $11.3B | |
| + Debt refinanced | $1.7B | |
| − Cash | $120M | |
| + Other claims | $17.0M | preferred stock, minority interests |
| = Enterprise value | $12.9B | 81.4× EBITDA of $159M |
| Fees | $258M | 2% of the price |
| New debt | $873M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $12.3B | 93% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.6B | $162M | $66.8M | −$11.4M | $884M |
| Year 2 | $3.7B | $166M | $67.6M | −$11.7M | $896M |
| Year 3 | $3.8B | $170M | $68.5M | −$11.9M | $908M |
| Year 4 | $3.9B | $175M | $69.5M | −$12.0M | $920M |
| Year 5 | $4.0B | $180M | $70.4M | −$12.0M | $932M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 65.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $11.7B | |
| − Debt left | $932M | |
| = Buyer's equity | $10.8B | |
| Money multiple | 0.88× | on $12.3B put in |
| Buyer's yearly return (IRR) | −2.6% |
Price against return
What the buyer makes at other premiums over today's $57.07; the IRR reaches 20% at $22.91 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $62.78 | 0.5% |
| 20% | $68.48 | −1.1% |
| 30% | $74.19 | −2.6% |
| 40% | $79.90 | −4.0% |
| 50% | $85.61 | −5.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.5B | |
| EBITDA, last 12 months | $159M | 4.5% of revenue |
| Depreciation and amortization | $228M | |
| Capital spending | $97.1M | |
| Debt | $1.7B | |
| Cash | $120M | |
| Share price | $57.07 | 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 2.2% 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 21% 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, Bruker would cost about $79.90 a share, $12.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $65.46 | $10.0B |
| Median | 40% | $79.90 | $12.2B |
| High end (a quarter paid more) | 60.2% | $91.43 | $13.9B |
The odds, from history
Historically 2.9% of companies with its figures were bought within a year (0.59× the average). Its figures put it in decile 2 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.
Bruker's latest quarter
Bruker, Q3 2026: revenue $874M (+2% year over year), operating margin -10.4%, net loss $110M, operating cash flow $118M. The chart follows the revenue to costs, profit and cash.
Questions
Is Bruker being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Bruker?
A leveraged buyout at today's price plus 30% ($74.19 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.91 a share (−60% against today's $57.07). It already carries 10.0× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
What would a takeover of Bruker 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, Bruker would cost about $79.90 a share, $12.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.