Filing Flows › United Parks & Resorts (PRKS) › Takeover & LBO
Is United Parks & Resorts (PRKS) a takeover target?
A leveraged buyout at today's price plus 30% ($40.04 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.06 a share (−77% against today's $30.80). Historically 6.5% of companies with its figures were bought within a year (1.29× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $40.04 | today's $30.80 plus 30% |
| × shares | 46.0 million | |
| = Equity value | $1.8B | |
| + Debt refinanced | $2.3B | |
| − Cash | $26.3M | |
| = Enterprise value | $4.1B | 8.4× EBITDA of $487M |
| Fees | $81.6M | 2% of the price |
| New debt | $2.7B | 5.4× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $1.5B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.6B | $478M | $203M | −$5.2M | $2.7B |
| Year 2 | $1.6B | $475M | $203M | −$6.5M | $2.7B |
| Year 3 | $1.6B | $478M | $204M | −$6.9M | $2.7B |
| Year 4 | $1.6B | $486M | $204M | −$6.8M | $2.7B |
| Year 5 | $1.7B | $501M | $205M | −$4.9M | $2.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 7.5× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.8B | |
| − Debt left | $2.7B | |
| = Buyer's equity | $1.1B | |
| Money multiple | 0.71× | on $1.5B put in |
| Buyer's yearly return (IRR) | −6.6% |
Price against return
What the buyer makes at other premiums over today's $30.80; the IRR reaches 20% at $7.06 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $33.88 | −1.4% |
| 20% | $36.96 | −3.9% |
| 30% | $40.04 | −6.6% |
| 40% | $43.12 | −8.7% |
| 50% | $46.20 | −10.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.6B | |
| EBITDA, last 12 months | $487M | 29.7% of revenue |
| Depreciation and amortization | $182M | |
| Capital spending | $258M | |
| Debt | $2.3B | |
| Cash | $26.3M | |
| Share price | $30.80 | 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 -1.9% 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 28% 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, United Parks & Resorts would cost about $40.81 a share, $1.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $36.96 | $1.7B |
| Median | 32.5% | $40.81 | $1.9B |
| High end (a quarter paid more) | 51.8% | $46.75 | $2.1B |
The odds, from history
Historically 6.5% of companies with its figures were bought within a year (1.29× the average). Its figures put it in decile 8 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.
United Parks & Resorts' latest quarter
United Parks & Resorts, Q3 2026: revenue $506M (-1% year over year), operating margin 27.8%, net earnings $80.0M, operating cash flow $93.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is United Parks & Resorts being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy United Parks & Resorts?
A leveraged buyout at today's price plus 30% ($40.04 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.06 a share (−77% against today's $30.80).
What would a takeover of United Parks & Resorts 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, United Parks & Resorts would cost about $40.81 a share, $1.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.