Filing Flows › Hasbro (HAS) › Takeover & LBO
Is Hasbro (HAS) a takeover target?
A leveraged buyout at today's price plus 30% ($155.75 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $97.93 a share (−18% against today's $119.81). Historically 3.8% of companies with its figures were bought within a year (0.76× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $155.75 | today's $119.81 plus 30% |
| × shares | 142.5 million | |
| = Equity value | $22.2B | |
| + Debt refinanced | $3.5B | |
| − Cash | $851M | |
| + Other claims | $24.6M | preferred stock, minority interests |
| = Enterprise value | $24.9B | 17.0× EBITDA of $1.5B |
| Fees | $498M | 2% of the price |
| New debt | $8.0B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $17.3B | 68% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $5.9B | $1.6B | $614M | $654M | $7.4B |
| Year 2 | $6.3B | $1.7B | $564M | $777M | $6.6B |
| Year 3 | $6.6B | $1.8B | $505M | $899M | $5.7B |
| Year 4 | $6.9B | $1.9B | $436M | $1.0B | $4.7B |
| Year 5 | $7.1B | $1.9B | $358M | $1.1B | $3.6B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.5× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $25.8B | |
| − Debt left | $3.6B | |
| = Buyer's equity | $22.2B | |
| Money multiple | 1.28× | on $17.3B put in |
| Buyer's yearly return (IRR) | 5.1% |
Price against return
What the buyer makes at other premiums over today's $119.81; the IRR reaches 20% at $97.93 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $131.79 | 9.9% |
| 20% | $143.77 | 7.4% |
| 30% | $155.75 | 5.1% |
| 40% | $167.73 | 3.1% |
| 50% | $179.72 | 1.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $5.4B | |
| EBITDA, last 12 months | $1.5B | 26.8% of revenue |
| Depreciation and amortization | $123M | |
| Capital spending | $84.4M | |
| Debt | $3.5B | |
| Cash | $851M | |
| Share price | $119.81 | 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 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 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, Hasbro would cost about $158.75 a share, $22.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $143.77 | $20.5B |
| Median | 32.5% | $158.75 | $22.6B |
| High end (a quarter paid more) | 51.8% | $181.87 | $25.9B |
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 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.
Hasbro's latest quarter
Hasbro, Q3 2026: revenue $1.6B (+0.3% year over year), operating margin 32.4%, net earnings $395M, operating cash flow $303M. The chart follows the revenue to costs, profit and cash.
Questions
Is Hasbro being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Hasbro?
A leveraged buyout at today's price plus 30% ($155.75 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $97.93 a share (−18% against today's $119.81).
What would a takeover of Hasbro 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, Hasbro would cost about $158.75 a share, $22.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.