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Filing Flows › Openlane (OPLN) › Takeover & LBO

Is Openlane (OPLN) a takeover target?

A leveraged buyout at today's price plus 30% ($50.71 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $30.77 a share (−21% against today's $39.01). Historically 7.0% of companies with its figures were bought within a year (1.4× the average).

Share price$39.01
Offer at +30%$50.71
Buyer's IRR4%
Most for 20%$30.77
EV / EBITDA15.1×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$50.71today's $39.01 plus 30%
× shares125.4 million
= Equity value$6.4B
+ Debt refinanced$550M
− Cash$245M
= Enterprise value$6.7B19.4× EBITDA of $344M
Fees$133M2% of the price
New debt$1.9B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$4.9B72% of the cost

5 years under the buyer

Openlane: buyout debt left, year by yearOpenlane: buyout debt left, year by year$1.9BEntry$1.8BYear 1$1.6BYear 2$1.4BYear 3$1.2BYear 4$930MYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$2.3B$372M$145M$134M$1.8B
Year 2$2.5B$397M$135M$164M$1.6B
Year 3$2.6B$419M$122M$193M$1.4B
Year 4$2.7B$436M$107M$222M$1.2B
Year 5$2.8B$450M$90.2M$250M$930M

The exit and the buyer's return

ExitAmount
Exit multiple15.1× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$6.8B
− Debt left$930M
= Buyer's equity$5.9B
Money multiple1.19×on $4.9B put in
Buyer's yearly return (IRR)3.6%

Price against return

What the buyer makes at other premiums over today's $39.01; the IRR reaches 20% at $30.77 a share.

PremiumPrice a shareBuyer's IRR
10%$42.918.4%
20%$46.815.9%
30%$50.713.6%
40%$54.611.6%
50%$58.52−0.2%

The figures used

FigureAmount
Revenue, last 12 months$2.1B
EBITDA, last 12 months$344M16.1% of revenue
Depreciation and amortization$90.0M
Capital spending$55.4M
Debt$550M
Cash$245M
Share price$39.01on 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 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 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, Openlane would cost about $51.69 a share, $6.5B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)20%$46.81$5.9B
Median32.5%$51.69$6.5B
High end (a quarter paid more)51.8%$59.22$7.4B

The odds, from history

Historically 7.0% of companies with its figures were bought within a year (1.4× the average). Its figures put it in decile 9 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.

Openlane's latest quarter

Openlane, Q3 2026: revenue $561M (+13% year over year), operating margin 12.5%, net earnings $44.7M, operating cash flow $97.1M. The chart follows the revenue to costs, profit and cash.

Questions

Is Openlane being acquired?

No headline, 8-K or 13D about a sale is on file in the last year.

Could private equity buy Openlane?

A leveraged buyout at today's price plus 30% ($50.71 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $30.77 a share (−21% against today's $39.01).

What would a takeover of Openlane 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, Openlane would cost about $51.69 a share, $6.5B for all its shares.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.