Filing Flows › Cboe Global Markets (CBOE) › Takeover & LBO
Is Cboe Global Markets (CBOE) a takeover target?
A leveraged buyout at today's price plus 30% ($460.93 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $460.93 | today's $354.56 plus 30% |
| × shares | 104.7 million | |
| = Equity value | $48.3B | |
| + Debt refinanced | $1.4B | |
| − Cash | $2.7B | |
| = Enterprise value | $47.0B | 23.1× EBITDA of $2.0B |
| Fees | $940M | 2% of the price |
| New debt | $11.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $36.7B | 77% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $5.7B | $2.2B | $857M | $900M | $10.3B |
| Year 2 | $6.1B | $2.3B | $788M | $1.1B | $9.2B |
| Year 3 | $6.4B | $2.5B | $707M | $1.2B | $8.0B |
| Year 4 | $6.7B | $2.6B | $614M | $1.4B | $6.7B |
| Year 5 | $6.9B | $2.7B | $509M | $1.5B | $5.1B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 17.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $46.8B | |
| − Debt left | $5.1B | |
| = Buyer's equity | $41.7B | |
| Money multiple | 1.13× | on $36.7B put in |
| Buyer's yearly return (IRR) | 2.6% |
Price against return
What the buyer makes at other premiums over today's $354.56.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $390.02 | 7.4% |
| 20% | $425.47 | 4.8% |
| 30% | $460.93 | 2.6% |
| 40% | $496.38 | 0.6% |
| 50% | $531.84 | −1.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $5.3B | |
| EBITDA, last 12 months | $2.0B | 38.6% of revenue |
| Depreciation and amortization | $117M | |
| Capital spending | $71.0M | |
| Debt | $1.4B | |
| Cash | $2.7B | |
| Share price | $354.56 | on Nov 6, 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 27% 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 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Cboe Global Markets would cost about $407.39 a share, $42.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 9.5% | $388.24 | $40.6B |
| Median | 14.9% | $407.39 | $42.7B |
| High end (a quarter paid more) | 33.6% | $473.69 | $49.6B |
Cboe Global Markets' latest quarter
Cboe Global Markets, Q3 2026: revenue $1.4B (+19% year over year), operating margin 39.3%, net earnings $428M, operating cash flow $817M. The chart follows the revenue to costs, profit and cash.
Questions
Is Cboe Global Markets being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Cboe Global Markets?
A leveraged buyout at today's price plus 30% ($460.93 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Cboe Global Markets cost?
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Cboe Global Markets would cost about $407.39 a share, $42.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.