Cvc and Gbl launch takeover bid on Recordati
10.7 billion offer on all ordinary shares, at a price of EUR 51.29 per share, aimed at achieving delisting
by Carlo Festa
Cvc and Gbl launch the takeover bid on Recordati. As anticipated by Il Sole 24 Ore on 1st May, a consortium of funds led by CVC Fund IX and Groupe Bruxelles Lambert have signed binding agreements for the promotion, by a newly incorporated joint-stock company under Italia law, of a voluntary public tender offer for all the ordinary shares of Recordati, at a price of €51.29 per share, aimed at obtaining the delisting from Euronext Milan. The consideration for the offer is € 51.29 per share tendered (to be intended ex dividend with reference to the balance of the dividend of € 0.71 per share paid to Recordati shareholders on 20 May 2026)
Following the non-binding expression of interest submitted on 25 March 2026 by CVC to the Board of Directors of Recordati, the main conditions set out therein have been met through a partnership with GBL, the completion of an in-depth due diligence process and the obtaining of the necessary financial resources. The offer is supported by a committed, flexible and stable shareholder base under which CVC and GBL will work together as co-investors with a clear commitment to support the
development of the company in the long term. The Offer offers existing shareholders the opportunity to realise immediate and certain value in
cash, eliminating exposure to execution risks associated with the company's next stage of development and wider market, macroeconomic and geopolitical volatility. The offer consideration incorporates a premium of 12.891% over the official price of the
recordati shares on 25 March 2026, i.e. the last day of
