A group of funds led by CVC Capital Partners and Groupe Bruxelles Lambert (GBL) has announced the launch of a voluntary cash tender offer for a total amount of 10.726 billion euros for Recordati, with the intention that the Italian pharmaceutical company will delist from Euronext Milan.
The operation proposes a cash payment of 51.29 euros for each Recordati share, not considering the payment this Wednesday of a dividend of 0.71 euros per share of the Italian company.
The pharmaceutical company's shares are currently trading at 51.30 euros, practically at the same level as the price proposed in the takeover bid, which nevertheless represents a premium of 12.89% compared to Recordati's stock price on March 25, 2026, the last trading session prior to the company's announcement informing of the receipt of a non-binding expression of interest from CVC.
Rossini, the reference shareholder of Recordati, has agreed to tender its shares in the consortium's offer with the 46.82% of the share capital it holds in the pharmaceutical company.
The purchase proposal is conditional on the offeror having acquired at least 66.67% of Recordati's total share capital upon completion of the process.
"The offer has the support of a committed, flexible, and stable shareholder base, where CVC and GBL will partner as co-controlled investors, with a firm commitment to support the company's long-term development," the companies stated in a joint press release.
Along the same lines, they highlight that the operation offers current Recordati shareholders the opportunity to immediately crystallize a certain cash value, thus avoiding exposure to execution risks linked to the company's next growth phase, as well as to the general volatility of the markets, the macroeconomic environment, and the geopolitical situation.