Filing Flows › United States Lime & Minerals (USLM) › Takeover & LBO
Is United States Lime & Minerals (USLM) a takeover target?
A leveraged buyout at today's price plus 30% ($140.65 a share) would return a loss of about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.6% of companies with its figures were bought within a year (0.72× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $140.65 | today's $108.19 plus 30% |
| × shares | 28.8 million | |
| = Equity value | $4.0B | |
| + Debt refinanced | $0 | |
| − Cash | $403M | |
| = Enterprise value | $3.6B | 19.9× EBITDA of $183M |
| Fees | $72.9M | 2% of the price |
| New debt | $1.0B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $2.7B | 73% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $398M | $191M | $77.0M | $20.0M | $987M |
| Year 2 | $414M | $199M | $75.5M | $24.6M | $962M |
| Year 3 | $430M | $206M | $73.6M | $29.3M | $933M |
| Year 4 | $444M | $213M | $71.4M | $34.2M | $899M |
| Year 5 | $458M | $220M | $68.8M | $39.1M | $860M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 14.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.3B | |
| − Debt left | $860M | |
| = Buyer's equity | $2.4B | |
| Money multiple | 0.88× | on $2.7B put in |
| Buyer's yearly return (IRR) | −2.4% |
Price against return
What the buyer makes at other premiums over today's $108.19.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $119.01 | 2.9% |
| 20% | $129.83 | 0.0% |
| 30% | $140.65 | −2.4% |
| 40% | $151.47 | −4.6% |
| 50% | $162.28 | −6.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $381M | |
| EBITDA, last 12 months | $183M | 48.0% of revenue |
| Depreciation and amortization | $25.9M | |
| Capital spending | $70.8M | |
| Debt | $0 | |
| Cash | $403M | |
| Share price | $108.19 | on Oct 12, 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 4.5% 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 21% 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 States Lime & Minerals would cost about $143.35 a share, $4.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $129.83 | $3.7B |
| Median | 32.5% | $143.35 | $4.1B |
| High end (a quarter paid more) | 51.8% | $164.23 | $4.7B |
The odds, from history
Historically 3.6% of companies with its figures were bought within a year (0.72× the average). Its figures put it in decile 3 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 States Lime & Minerals' latest quarter
United States Lime & Minerals, Q3 2026: revenue $106M (+4% year over year), operating margin 42.1%, net earnings $38.0M, operating cash flow $52.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is United States Lime & Minerals being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy United States Lime & Minerals?
A leveraged buyout at today's price plus 30% ($140.65 a share) would return a loss of about 2% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of United States Lime & Minerals 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 States Lime & Minerals would cost about $143.35 a share, $4.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.