Filing Flows › Oppenheimer Holdings (OPY) › Takeover & LBO
Is Oppenheimer Holdings (OPY) a takeover target?
A leveraged buyout at today's price plus 30% ($112.06 a share) would return about 9% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.0% of companies with its figures were bought within a year (0.79× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $112.06 | today's $86.20 plus 30% |
| × shares | 11.6 million | |
| = Equity value | $1.3B | |
| + Debt refinanced | $0 | |
| − Cash | $38.0M | |
| + Other claims | $13.2M | preferred stock, minority interests |
| = Enterprise value | $1.3B | 9.2× EBITDA of $138M |
| Fees | $25.5M | 2% of the price |
| New debt | $760M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $539M | 41% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.9B | $149M | $58.2M | $45.8M | $714M |
| Year 2 | $2.0B | $159M | $54.6M | $56.3M | $658M |
| Year 3 | $2.1B | $168M | $50.3M | $66.8M | $591M |
| Year 4 | $2.2B | $175M | $45.2M | $77.3M | $514M |
| Year 5 | $2.3B | $181M | $39.3M | $87.4M | $427M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 7.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.3B | |
| − Debt left | $427M | |
| = Buyer's equity | $845M | |
| Money multiple | 1.57× | on $539M put in |
| Buyer's yearly return (IRR) | 9.4% |
Price against return
What the buyer makes at other premiums over today's $86.20.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $94.82 | 18.4% |
| 20% | $103.44 | 14.1% |
| 30% | $112.06 | 9.4% |
| 40% | $120.68 | 5.7% |
| 50% | $129.30 | 2.6% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.8B | |
| EBITDA, last 12 months | $138M | 7.9% of revenue |
| Depreciation and amortization | $11.0M | |
| Capital spending | $7.0M | |
| Debt | $0 | |
| Cash | $38.0M | |
| Share price | $86.20 | 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 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 30% 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 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Oppenheimer Holdings would cost about $99.04 a share, $1.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 9.5% | $94.39 | $1.1B |
| Median | 14.9% | $99.04 | $1.1B |
| High end (a quarter paid more) | 33.6% | $115.16 | $1.3B |
The odds, from history
Historically 4.0% of companies with its figures were bought within a year (0.79× the average). Its figures put it in decile 4 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.
Oppenheimer Holdings' latest quarter
Oppenheimer Holdings, Q3 2026: revenue $382M (-10% year over year), operating margin 2.3%, net earnings $5.4M, operating cash flow $132M. The chart follows the revenue to costs, profit and cash.
Questions
Is Oppenheimer Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Oppenheimer Holdings?
A leveraged buyout at today's price plus 30% ($112.06 a share) would return about 9% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Oppenheimer Holdings cost?
Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Oppenheimer Holdings would cost about $99.04 a share, $1.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.