EnerSys to Buy Ultralife for $16.00/Share Cash in ~$320M Take-Private Tender Offer
ULBI has more than doubled off its 52-week low of $4.9 on elevated volume (21× avg).
Summary
Ultralife agreed to be acquired by EnerSys for $16.00 per share in cash, a 166% premium to its pre-announcement close, in a ~$320 million all-cash tender offer expected to close in Q1 2027. Holders of about 40.3% of shares have agreed to tender.
Key Events · M&A and Partnerships · ULBI
-
EnerSys to Acquire Ultralife at $16.00 Cash
A definitive merger agreement signed October 27, 2026 sets up a two-step tender offer and merger under DGCL Section 251(h), valuing Ultralife at approximately $320 million enterprise value including net debt.
-
166% Premium to Unaffected Price
The $16.00 per-share cash price represents a 166% premium to Ultralife's closing stock price on October 26, 2026; shares already trade near $15.63, leaving a narrow spread to the offer.
-
40.3% of Shares Locked Up
Sunray I LLC (4,452,283 shares), Whitmore Holdings LLC (2,050,637) and Bradford Whitmore (205,915) signed a Tender and Support Agreement covering roughly 40.3% of outstanding shares — not enough alone to meet the majority Minimum Condition.
-
HSR and UK NSIA Clearance Required
Closing conditions include expiration of the HSR waiting period and UK National Security and Investment Act clearance; there is no financing condition, and EnerSys will repay Ultralife's existing credit agreement at closing.
Analysis · ULBI · Manufacturing
Ultralife has agreed to be acquired by EnerSys at $16.00 per share in cash — a 166% premium to its October 26, 2026 closing price — in a deal valued at roughly $320 million enterprise value. With the stock already trading near $15.63, the remaining spread is thin and the thesis is now a deal-completion trade: the tender needs a majority of shares plus HSR and UK NSIA clearance, with an Outside Date of April 27, 2027 and an expected close in Q1 2027. Holders of roughly 40.3% of shares have already signed support agreements to tender, which materially de-risks the vote but does not by itself satisfy the majority condition. A mutual $10.3 million break fee cuts both ways.
At the time of this filing, ULBI was trading at $15.63 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $106M. The 52-week trading range was $4.90 to $15.67. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.