Filing Flows › Evergy (EVRG) › Takeover & LBO
Is Evergy (EVRG) a takeover target?
A leveraged buyout at today's price plus 30% ($113.25 a share) would return a loss of about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.63 a share (−74% against today's $87.11). Historically 3.3% of companies with its figures were bought within a year (0.65× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $113.25 | today's $87.11 plus 30% |
| × shares | 235.6 million | |
| = Equity value | $26.7B | |
| + Debt refinanced | $15.5B | |
| − Cash | $18.4M | |
| + Other claims | $49.6M | preferred stock, minority interests |
| = Enterprise value | $42.2B | 15.4× EBITDA of $2.7B |
| Fees | $844M | 2% of the price |
| New debt | $15.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $28.0B | 65% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $6.2B | $2.8B | $1.2B | −$1.5B | $16.6B |
| Year 2 | $6.3B | $2.9B | $1.3B | −$1.7B | $18.3B |
| Year 3 | $6.5B | $3.0B | $1.4B | −$1.8B | $20.1B |
| Year 4 | $6.7B | $3.0B | $1.5B | −$1.9B | $22.0B |
| Year 5 | $6.9B | $3.1B | $1.7B | −$2.1B | $24.1B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $41.1B | |
| − Debt left | $24.1B | |
| = Buyer's equity | $17.1B | |
| Money multiple | 0.61× | on $28.0B put in |
| Buyer's yearly return (IRR) | −9.4% |
Price against return
What the buyer makes at other premiums over today's $87.11; the IRR reaches 20% at $22.63 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $95.83 | −6.4% |
| 20% | $104.54 | −8.0% |
| 30% | $113.25 | −9.4% |
| 40% | $121.96 | −10.7% |
| 50% | $130.67 | −11.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $6.0B | |
| EBITDA, last 12 months | $2.7B | 45.4% of revenue |
| Depreciation and amortization | $1.2B | |
| Capital spending | $3.1B | |
| Debt | $15.5B | |
| Cash | $18.4M | |
| Share price | $87.11 | 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 2.4% 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 12% 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 on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Evergy would cost about $115.43 a share, $27.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $104.54 | $24.6B |
| Median | 32.5% | $115.43 | $27.2B |
| High end (a quarter paid more) | 51.8% | $132.24 | $31.2B |
The odds, from history
Historically 3.3% of companies with its figures were bought within a year (0.65× 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.
Evergy's latest quarter
Evergy, Q3 2026: revenue $2.1B (+16% year over year), operating margin 38.6%, net earnings $613M, operating cash flow $988M. The chart follows the revenue to costs, profit and cash.
Questions
Is Evergy being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Evergy?
A leveraged buyout at today's price plus 30% ($113.25 a share) would return a loss of about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.63 a share (−74% against today's $87.11).
What would a takeover of Evergy cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Evergy would cost about $115.43 a share, $27.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.