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Filing Flows › Seaboard (SEB) › Takeover & LBO

Is Seaboard (SEB) a takeover target?

A leveraged buyout at today's price plus 30% ($4,720.82 a share) would return a loss of about 12% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.1% of companies with its figures were bought within a year (0.82× the average).

Share price$3,631.40
Offer at +30%$4,720.82
Buyer's IRR−12%
EV / EBITDA5.0×
Buyout debt4.3× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$4,720.82today's $3,631.40 plus 30%
× shares1.0 million
= Equity value$4.5B
+ Debt refinanced$969M
− Cash$1.5B
+ Other claims$22.0Mpreferred stock, minority interests
= Enterprise value$4.0B6.7× EBITDA of $604M
Fees$80.8M2% of the price
New debt$2.6B4.3× EBITDA at 7.65% a year; the limit that binds: 65% of the price
Buyer's own money$1.5B36% of the cost

5 years under the buyer

Seaboard: buyout debt left, year by yearSeaboard: buyout debt left, year by year$2.6BEntry$2.7BYear 1$2.8BYear 2$2.9BYear 3$3.0BYear 4$3.1BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$11.2B$646M$201M−$103M$2.7B
Year 2$11.9B$685M$209M−$95.5M$2.8B
Year 3$12.5B$719M$216M−$86.4M$2.9B
Year 4$13.0B$748M$223M−$76.2M$3.0B
Year 5$13.4B$770M$229M−$65.3M$3.1B

The exit and the buyer's return

ExitAmount
Exit multiple5.0× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$3.8B
− Debt left$3.1B
= Buyer's equity$768M
Money multiple0.51×on $1.5B put in
Buyer's yearly return (IRR)−12.5%

Price against return

What the buyer makes at other premiums over today's $3,631.40.

PremiumPrice a shareBuyer's IRR
10%$3,994.542.4%
20%$4,357.68−4.6%
30%$4,720.82−12.5%
40%$5,083.96−22.5%
50%$5,447.10−39.5%

The figures used

FigureAmount
Revenue, last 12 months$10.5B
EBITDA, last 12 months$604M5.8% of revenue
Depreciation and amortization$330M
Capital spending$434M
Debt$969M
Cash$1.5B
Share price$3,631.40on 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 7.0% 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 in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Seaboard would cost about $5,083.96 a share, $4.9B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)14.7%$4,165.22$4.0B
Median40%$5,083.96$4.9B
High end (a quarter paid more)60.2%$5,817.50$5.6B

The odds, from history

Historically 4.1% of companies with its figures were bought within a year (0.82× 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.

Seaboard's latest quarter

Seaboard, Q3 2026: revenue $2.8B (+9% year over year), operating margin 0.5%, net earnings $29.0M, operating cash flow $266M. The chart follows the revenue to costs, profit and cash.

Questions

Is Seaboard being acquired?

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

Could private equity buy Seaboard?

A leveraged buyout at today's price plus 30% ($4,720.82 a share) would return a loss of about 12% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.

What would a takeover of Seaboard cost?

Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Seaboard would cost about $5,083.96 a share, $4.9B 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.