Filing Flows › Bio-Techne (TECH) › Takeover & LBO
Is Bio-Techne (TECH) a takeover target?
A leveraged buyout at today's price plus 30% ($94.46 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $40.07 a share (−45% against today's $72.66). Historically 1.9% of companies with its figures were bought within a year (0.39× the average). Latest signal (2026-08-20): Merger proxy (DEFM14A).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $94.46 | today's $72.66 plus 30% |
| × shares | 157.4 million | |
| = Equity value | $14.9B | |
| + Debt refinanced | $200M | |
| − Cash | $265M | |
| = Enterprise value | $14.8B | 42.4× EBITDA of $349M |
| Fees | $296M | 2% of the price |
| New debt | $1.9B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $13.2B | 87% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.2B | $348M | $147M | $147M | $1.8B |
| Year 2 | $1.2B | $350M | $136M | $156M | $1.6B |
| Year 3 | $1.2B | $354M | $124M | $167M | $1.5B |
| Year 4 | $1.3B | $362M | $111M | $182M | $1.3B |
| Year 5 | $1.3B | $373M | $97.1M | $199M | $1.1B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 32.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.1B | |
| − Debt left | $1.1B | |
| = Buyer's equity | $11.1B | |
| Money multiple | 0.84× | on $13.2B put in |
| Buyer's yearly return (IRR) | −3.4% |
Price against return
What the buyer makes at other premiums over today's $72.66; the IRR reaches 20% at $40.07 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $79.93 | 0.4% |
| 20% | $87.19 | −1.6% |
| 30% | $94.46 | −3.4% |
| 40% | $101.72 | −5.1% |
| 50% | $108.99 | −6.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.2B | |
| EBITDA, last 12 months | $349M | 28.7% of revenue |
| Depreciation and amortization | $97.4M | |
| Capital spending | $28.9M | |
| Debt | $200M | |
| Cash | $265M | |
| Share price | $72.66 | 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 -0.4% 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 24% 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 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bio-Techne would cost about $98.09 a share, $15.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $88.65 | $14.0B |
| Median | 35% | $98.09 | $15.4B |
| High end (a quarter paid more) | 45% | $105.36 | $16.6B |
The odds, from history
Historically 1.9% of companies with its figures were bought within a year (0.39× the average). Its figures put it in decile 1 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.
Rumors and deal signals
- 2026-08-20 · DEFM14A · Merger proxy (DEFM14A)
- 2026-08-10 · deal · Agreed sale at $73.0 cash a share · pending
Bio-Techne's latest quarter
Bio-Techne, Q1 FY27: revenue $300M (+5% year over year), operating margin 12.2%, net earnings $28.3M, operating cash flow $73.1M. The chart follows the revenue to costs, profit and cash.
Questions
Is Bio-Techne being acquired?
The latest signal on file is from 2026-08-20: Merger proxy (DEFM14A). A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Bio-Techne?
A leveraged buyout at today's price plus 30% ($94.46 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $40.07 a share (−45% against today's $72.66).
What would a takeover of Bio-Techne cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Bio-Techne would cost about $98.09 a share, $15.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.