Filing Flows › Vishay Intertechnology (VSH) › Takeover & LBO
Is Vishay Intertechnology (VSH) a takeover target?
A leveraged buyout at today's price plus 30% ($34.76 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 4.2% of companies with its figures were bought within a year (0.84× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $34.76 | today's $26.74 plus 30% |
| × shares | 160.8 million | |
| = Equity value | $5.6B | |
| + Debt refinanced | $735M | |
| − Cash | $1.1B | |
| = Enterprise value | $5.2B | 12.5× EBITDA of $414M |
| Fees | $104M | 2% of the price |
| New debt | $2.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.0B | 57% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.8B | $448M | $174M | −$138M | $2.4B |
| Year 2 | $4.0B | $478M | $185M | −$142M | $2.6B |
| Year 3 | $4.3B | $504M | $196M | −$145M | $2.7B |
| Year 4 | $4.4B | $525M | $207M | −$149M | $2.9B |
| Year 5 | $4.6B | $541M | $218M | −$151M | $3.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 9.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $5.1B | |
| − Debt left | $3.0B | |
| = Buyer's equity | $2.1B | |
| Money multiple | 0.69× | on $3.0B put in |
| Buyer's yearly return (IRR) | −7.1% |
Price against return
What the buyer makes at other premiums over today's $26.74.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $29.41 | −0.5% |
| 20% | $32.09 | −4.1% |
| 30% | $34.76 | −7.1% |
| 40% | $37.44 | −9.6% |
| 50% | $40.11 | −11.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.5B | |
| EBITDA, last 12 months | $414M | 11.8% of revenue |
| Depreciation and amortization | $232M | |
| Capital spending | $348M | |
| Debt | $735M | |
| Cash | $1.1B | |
| Share price | $26.74 | 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 8.0% 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 30% 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 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vishay Intertechnology would cost about $34.76 a share, $5.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $29.95 | $4.8B |
| Median | 30% | $34.76 | $5.6B |
| High end (a quarter paid more) | 31% | $35.03 | $5.6B |
The odds, from history
Historically 4.2% of companies with its figures were bought within a year (0.84× 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.
Vishay Intertechnology's latest quarter
Vishay Intertechnology, Q3 2026: revenue $979M (+24% year over year), operating margin 9.4%, net earnings $59.0M, operating cash flow $146M. The chart follows the revenue to costs, profit and cash.
Questions
Is Vishay Intertechnology being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Vishay Intertechnology?
A leveraged buyout at today's price plus 30% ($34.76 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Vishay Intertechnology cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vishay Intertechnology would cost about $34.76 a share, $5.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.