Filing Flows › Integer Holdings (ITGR) › Takeover & LBO
Is Integer Holdings (ITGR) a takeover target?
A leveraged buyout at today's price plus 30% ($164.57 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 $64.81 a share (−49% against today's $126.59). Historically 4.7% of companies with its figures were bought within a year (0.94× the average). Latest signal (2026-09-14): Merger proxy (DEFM14A).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $164.57 | today's $126.59 plus 30% |
| × shares | 34.6 million | |
| = Equity value | $5.7B | |
| + Debt refinanced | $1.2B | |
| − Cash | $14.1M | |
| = Enterprise value | $6.9B | 23.8× EBITDA of $290M |
| Fees | $138M | 2% of the price |
| New debt | $1.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $5.4B | 77% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.8B | $289M | $122M | $69.3M | $1.5B |
| Year 2 | $1.8B | $291M | $117M | $74.0M | $1.5B |
| Year 3 | $1.9B | $294M | $111M | $79.8M | $1.4B |
| Year 4 | $1.9B | $301M | $105M | $87.5M | $1.3B |
| Year 5 | $2.0B | $310M | $98.2M | $97.3M | $1.2B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 19.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $6.0B | |
| − Debt left | $1.2B | |
| = Buyer's equity | $4.8B | |
| Money multiple | 0.88× | on $5.4B put in |
| Buyer's yearly return (IRR) | −2.6% |
Price against return
What the buyer makes at other premiums over today's $126.59; the IRR reaches 20% at $64.81 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $139.25 | 1.0% |
| 20% | $151.91 | −0.9% |
| 30% | $164.57 | −2.6% |
| 40% | $177.23 | −4.1% |
| 50% | $189.88 | −5.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.8B | |
| EBITDA, last 12 months | $290M | 15.9% of revenue |
| Depreciation and amortization | $139M | |
| Capital spending | $94.7M | |
| Debt | $1.2B | |
| Cash | $14.1M | |
| Share price | $126.59 | 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 -0.3% 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 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, Integer Holdings would cost about $170.90 a share, $5.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $154.44 | $5.3B |
| Median | 35% | $170.90 | $5.9B |
| High end (a quarter paid more) | 45% | $183.56 | $6.4B |
The odds, from history
Historically 4.7% of companies with its figures were bought within a year (0.94× the average). Its figures put it in decile 5 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.
Rumors and deal signals
- 2026-09-14 · DEFM14A · Merger proxy (DEFM14A)
- 2026-09-03 · deal · Agreed sale at $127.0 cash a share · pending
Integer Holdings' latest quarter
Integer Holdings, Q3 2026: revenue $450M (-4% year over year), operating margin 6.3%, net earnings $15.0M, operating cash flow $36.6M. The chart follows the revenue to costs, profit and cash.
Questions
Is Integer Holdings being acquired?
The latest signal on file is from 2026-09-14: Merger proxy (DEFM14A). A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Integer Holdings?
A leveraged buyout at today's price plus 30% ($164.57 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 $64.81 a share (−49% against today's $126.59).
What would a takeover of Integer Holdings 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, Integer Holdings would cost about $170.90 a share, $5.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.