Filing Flows › Unilever (UL) › Takeover & LBO
Is Unilever (UL) a takeover target?
A leveraged buyout at today's price plus 30% ($85.80 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $49.75 a share (−25% against today's $66.00). At $184.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $85.80 | today's $66.00 plus 30% |
| × shares | 2,181.0 million | |
| = Equity value | $187.1B | |
| + Debt refinanced | $0 | |
| − Cash | $2.5B | |
| = Enterprise value | $184.6B | 17.8× EBITDA of $10.3B |
| Fees | $3.7B | 2% of the price |
| New debt | $56.9B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $131.4B | 70% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $52.0B | $10.7B | $4.4B | $3.3B | $53.6B |
| Year 2 | $53.6B | $11.0B | $4.1B | $3.6B | $50.0B |
| Year 3 | $55.2B | $11.3B | $3.8B | $4.0B | $45.9B |
| Year 4 | $56.8B | $11.6B | $3.5B | $4.5B | $41.5B |
| Year 5 | $58.5B | $12.0B | $3.2B | $4.9B | $36.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $164.0B | |
| − Debt left | $36.5B | |
| = Buyer's equity | $127.5B | |
| Money multiple | 0.97× | on $131.4B put in |
| Buyer's yearly return (IRR) | −0.6% |
Price against return
What the buyer makes at other premiums over today's $66.00; the IRR reaches 20% at $49.75 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $72.60 | 4.5% |
| 20% | $79.20 | 1.8% |
| 30% | $85.80 | −0.6% |
| 40% | $92.40 | −2.7% |
| 50% | $99.00 | −4.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $50.5B | |
| EBITDA, last 12 months | $10.3B | 20.5% of revenue |
| Depreciation and amortization | $1.3B | |
| Capital spending | $1.4B | |
| Debt | $0 | |
| Cash | $2.5B | |
| Share price | $66.00 | 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 3.0% 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 29% 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, Unilever would cost about $87.45 a share, $190.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $79.20 | $172.7B |
| Median | 32.5% | $87.45 | $190.7B |
| High end (a quarter paid more) | 51.8% | $100.19 | $218.5B |
Unilever's latest quarter
Unilever, H1 2026: revenue $25.6B (-15% year over year), operating margin 19.1%, net earnings $3.0B. The chart follows the revenue to costs, profit and cash.
Questions
Is Unilever being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Unilever?
A leveraged buyout at today's price plus 30% ($85.80 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $49.75 a share (−25% against today's $66.00). At $184.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Unilever 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, Unilever would cost about $87.45 a share, $190.7B for all its shares.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.