Filing Flows › Plexus (PLXS) › Takeover & LBO
Is Plexus (PLXS) a takeover target?
A leveraged buyout at today's price plus 30% ($250.08 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.6% of companies with its figures were bought within a year (0.71× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $250.08 | today's $192.37 plus 30% |
| × shares | 27.3 million | |
| = Equity value | $6.8B | |
| + Debt refinanced | $0 | |
| − Cash | $314M | |
| = Enterprise value | $6.5B | 21.2× EBITDA of $307M |
| Fees | $130M | 2% of the price |
| New debt | $1.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $5.0B | 75% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $8.2B | $332M | $129M | $7.7M | $1.7B |
| Year 2 | $8.7B | $354M | $129M | $25.7M | $1.7B |
| Year 3 | $9.2B | $374M | $127M | $45.1M | $1.6B |
| Year 4 | $9.6B | $390M | $123M | $65.6M | $1.5B |
| Year 5 | $9.9B | $401M | $118M | $86.6M | $1.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 16.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $6.4B | |
| − Debt left | $1.5B | |
| = Buyer's equity | $5.0B | |
| Money multiple | 1.01× | on $5.0B put in |
| Buyer's yearly return (IRR) | 0.1% |
Price against return
What the buyer makes at other premiums over today's $192.37.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $211.61 | 5.1% |
| 20% | $230.84 | 2.5% |
| 30% | $250.08 | 0.1% |
| 40% | $269.32 | −1.9% |
| 50% | $288.56 | −3.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $7.6B | |
| EBITDA, last 12 months | $307M | 4.1% of revenue |
| Depreciation and amortization | $76.6M | |
| Capital spending | $109M | |
| Debt | $0 | |
| Cash | $314M | |
| Share price | $192.37 | 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 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 14% 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, Plexus would cost about $250.08 a share, $6.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $215.45 | $5.9B |
| Median | 30% | $250.08 | $6.8B |
| High end (a quarter paid more) | 31% | $252.00 | $6.9B |
The odds, from history
Historically 3.6% of companies with its figures were bought within a year (0.71× the average). Its figures put it in decile 3 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.
Plexus' latest quarter
Plexus, Q4 FY26: revenue $1.4B (+35% year over year), operating margin 6.0%, net earnings $68.5M, operating cash flow $29.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is Plexus being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Plexus?
A leveraged buyout at today's price plus 30% ($250.08 a share) would return about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Plexus 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, Plexus would cost about $250.08 a share, $6.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.