Filing Flows › Lattice Semiconductor (LSCC) › Takeover & LBO
Is Lattice Semiconductor (LSCC) a takeover target?
A leveraged buyout at today's price plus 30% ($159.69 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $63.01 a share (−49% against today's $122.84). It already carries 7.5× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 2.8% of companies with its figures were bought within a year (0.55× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $159.69 | today's $122.84 plus 30% |
| × shares | 143.8 million | |
| = Equity value | $23.0B | |
| + Debt refinanced | $869M | |
| − Cash | $173M | |
| = Enterprise value | $23.7B | 253.3× EBITDA of $93.4M |
| Fees | $473M | 2% of the price |
| New debt | $514M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $23.6B | 98% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $874M | $101M | $39.3M | −$1.9M | $515M |
| Year 2 | $932M | $108M | $39.4M | $923K | $515M |
| Year 3 | $984M | $114M | $39.4M | $3.8M | $511M |
| Year 4 | $1.0B | $118M | $39.1M | $6.6M | $504M |
| Year 5 | $1.1B | $122M | $38.6M | $9.4M | $495M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 196.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $24.0B | |
| − Debt left | $495M | |
| = Buyer's equity | $23.5B | |
| Money multiple | 0.99× | on $23.6B put in |
| Buyer's yearly return (IRR) | −0.1% |
Price against return
What the buyer makes at other premiums over today's $122.84; the IRR reaches 20% at $63.01 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $135.12 | 3.2% |
| 20% | $147.41 | 1.5% |
| 30% | $159.69 | −0.1% |
| 40% | $171.98 | −1.6% |
| 50% | $184.26 | −2.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $809M | |
| EBITDA, last 12 months | $93.4M | 11.5% of revenue |
| Depreciation and amortization | $19.9M | |
| Capital spending | $44.2M | |
| Debt | $869M | |
| Cash | $173M | |
| Share price | $122.84 | on Oct 12, 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 23% 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 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Lattice Semiconductor would cost about $159.69 a share, $23.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $137.58 | $19.8B |
| Median | 30% | $159.69 | $23.0B |
| High end (a quarter paid more) | 31% | $160.92 | $23.1B |
The odds, from history
Historically 2.8% of companies with its figures were bought within a year (0.55× the average). Its figures put it in decile 2 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.
Lattice Semiconductor's latest quarter
Lattice Semiconductor, Q3 2026: revenue $291M (+118% year over year), operating margin 8.2%, net earnings $11.2M, operating cash flow $95.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Lattice Semiconductor being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Lattice Semiconductor?
A leveraged buyout at today's price plus 30% ($159.69 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $63.01 a share (−49% against today's $122.84). It already carries 7.5× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
What would a takeover of Lattice Semiconductor cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Lattice Semiconductor would cost about $159.69 a share, $23.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.