CVC and Groupe Bruxelles Lambert (GBL) have increased their offer to take Italian pharmaceutical group Recordati private, raising the price to €53 a share from €51.29. The original bid had been judged financially inadequate by Recordati's own independent directors. Acting through their jointly controlled vehicle Respighi Bid Co, the bidders said the new price is their "best and final" offer and will not be raised again. If every share covered by the offer is tendered, the maximum outlay will be €10.52bn, based on 198.5m shares subject to the bid, excluding Recordati's treasury shares. Including the €0.71 final dividend for 2025, already received by shareholders, the revised offer is equivalent to €53.71 a share.
The move follows a contested process after Recordati's independent directors rejected the initial proposal, citing insufficient value. CVC and GBL structured the revised bid as definitive, signaling no further negotiations on price.
The transaction, if completed, would delist Recordati from public markets. The consortium's vehicle Respighi Bid Co will manage the acquisition process. Shareholders now face a decision on the €53.71 per share inclusive offer.
Source: PE Insights · Summarized by HeadlinesBriefing