Filing Flows › Conmed (CNMD) › Takeover & LBO
Is Conmed (CNMD) a takeover target?
A leveraged buyout at today's price plus 30% ($57.58 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $28.52 a share (−36% against today's $44.29). Historically 3.6% of companies with its figures were bought within a year (0.73× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $57.58 | today's $44.29 plus 30% |
| × shares | 31.1 million | |
| = Equity value | $1.8B | |
| + Debt refinanced | $835M | |
| − Cash | $40.8M | |
| = Enterprise value | $2.6B | 16.7× EBITDA of $155M |
| Fees | $51.8M | 2% of the price |
| New debt | $852M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.8B | 68% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.4B | $162M | $65.2M | $57.1M | $795M |
| Year 2 | $1.5B | $170M | $60.8M | $65.3M | $730M |
| Year 3 | $1.6B | $176M | $55.8M | $73.7M | $656M |
| Year 4 | $1.6B | $182M | $50.2M | $82.2M | $574M |
| Year 5 | $1.7B | $188M | $43.9M | $90.8M | $483M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 14.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.6B | |
| − Debt left | $483M | |
| = Buyer's equity | $2.1B | |
| Money multiple | 1.20× | on $1.8B put in |
| Buyer's yearly return (IRR) | 3.8% |
Price against return
What the buyer makes at other premiums over today's $44.29; the IRR reaches 20% at $28.52 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $48.72 | 7.4% |
| 20% | $53.15 | 5.5% |
| 30% | $57.58 | 3.8% |
| 40% | $62.01 | 2.2% |
| 50% | $66.44 | 0.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.4B | |
| EBITDA, last 12 months | $155M | 11.3% of revenue |
| Depreciation and amortization | $52.3M | |
| Capital spending | $19.8M | |
| Debt | $835M | |
| Cash | $40.8M | |
| Share price | $44.29 | 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 4.8% 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 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Conmed would cost about $59.79 a share, $1.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $54.03 | $1.7B |
| Median | 35% | $59.79 | $1.9B |
| High end (a quarter paid more) | 45% | $64.22 | $2.0B |
The odds, from history
Historically 3.6% of companies with its figures were bought within a year (0.73× 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.
Conmed's latest quarter
Conmed, Q3 2026: revenue $336M (-0.7% year over year), operating margin 11.1%, net earnings $19.8M, operating cash flow $49.4M. The chart follows the revenue to costs, profit and cash.
Questions
Is Conmed being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Conmed?
A leveraged buyout at today's price plus 30% ($57.58 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $28.52 a share (−36% against today's $44.29).
What would a takeover of Conmed cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Conmed would cost about $59.79 a share, $1.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.