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).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $4,720.82 | today's $3,631.40 plus 30% |
| × shares | 1.0 million | |
| = Equity value | $4.5B | |
| + Debt refinanced | $969M | |
| − Cash | $1.5B | |
| + Other claims | $22.0M | preferred stock, minority interests |
| = Enterprise value | $4.0B | 6.7× EBITDA of $604M |
| Fees | $80.8M | 2% of the price |
| New debt | $2.6B | 4.3× 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 | $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
| Exit | Amount | |
|---|---|---|
| Exit multiple | 5.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.8B | |
| − Debt left | $3.1B | |
| = Buyer's equity | $768M | |
| Money multiple | 0.51× | 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.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $3,994.54 | 2.4% |
| 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
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $10.5B | |
| EBITDA, last 12 months | $604M | 5.8% of revenue |
| Depreciation and amortization | $330M | |
| Capital spending | $434M | |
| Debt | $969M | |
| Cash | $1.5B | |
| Share price | $3,631.40 | 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 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 share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $4,165.22 | $4.0B |
| Median | 40% | $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.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.