Filing Flows › Option Care Health (OPCH) › Takeover & LBO
Is Option Care Health (OPCH) a takeover target?
A leveraged buyout at today's price plus 30% ($41.14 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.97 a share (−27% against today's $31.64). Historically 4.4% of companies with its figures were bought within a year (0.88× the average). Latest signal (2026-10-28): Agreed sale to the Merger at $32.05 cash a share · pending.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $41.14 | today's $31.64 plus 30% |
| × shares | 150.5 million | |
| = Equity value | $6.2B | |
| + Debt refinanced | $1.2B | |
| − Cash | $299M | |
| = Enterprise value | $7.0B | 17.1× EBITDA of $412M |
| Fees | $141M | 2% of the price |
| New debt | $2.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $4.9B | 69% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $6.0B | $428M | $173M | $141M | $2.1B |
| Year 2 | $6.2B | $444M | $162M | $161M | $2.0B |
| Year 3 | $6.4B | $460M | $150M | $181M | $1.8B |
| Year 4 | $6.6B | $475M | $136M | $202M | $1.6B |
| Year 5 | $6.8B | $489M | $121M | $224M | $1.4B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $6.7B | |
| − Debt left | $1.4B | |
| = Buyer's equity | $5.3B | |
| Money multiple | 1.08× | on $4.9B put in |
| Buyer's yearly return (IRR) | 1.6% |
Price against return
What the buyer makes at other premiums over today's $31.64; the IRR reaches 20% at $22.97 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $34.81 | 6.1% |
| 20% | $37.97 | 3.7% |
| 30% | $41.14 | 1.6% |
| 40% | $44.30 | −0.3% |
| 50% | $47.47 | −2.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $5.8B | |
| EBITDA, last 12 months | $412M | 7.2% of revenue |
| Depreciation and amortization | $73.2M | |
| Capital spending | $40.5M | |
| Debt | $1.2B | |
| Cash | $299M | |
| Share price | $31.64 | 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 4.0% 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 27% 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, Option Care Health would cost about $42.72 a share, $6.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $38.61 | $5.8B |
| Median | 35% | $42.72 | $6.4B |
| High end (a quarter paid more) | 45% | $45.89 | $6.9B |
The odds, from history
Historically 4.4% of companies with its figures were bought within a year (0.88× 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
- 2026-10-28 · deal · Agreed sale to the Merger at $32.05 cash a share · pending
Option Care Health's latest quarter
Option Care Health, Q3 2026: revenue $1.5B (+4% year over year), operating margin 6.0%, net earnings $57.4M, operating cash flow $115M. The chart follows the revenue to costs, profit and cash.
Questions
Is Option Care Health being acquired?
The latest signal on file is from 2026-10-28: Agreed sale to the Merger at $32.05 cash a share · pending. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Option Care Health?
A leveraged buyout at today's price plus 30% ($41.14 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $22.97 a share (−27% against today's $31.64).
What would a takeover of Option Care Health 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, Option Care Health would cost about $42.72 a share, $6.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.