Recordati: takeover bid rises to 91.93 per cent; shares set for delisting

(Il Sole 24 Ore Radiocor) - The takeover bid for Recordati launched by Respighi BidCo – the vehicle in which CVC and GBL hold stakes – is reported to have reached 91.93 per cent of the share capital at the close of the extended offer period, according to sources close to the deal speaking to Radiocor. This figure would therefore take the bid above the 90 per cent threshold, paving the way for the purchase of the remaining shares and the subsequent delisting of the pharmaceutical group from Euronext Milan.

Before trading resumed, the bid had reached 74.58 per cent of Recordati’s share capital, having exceeded the minimum threshold for the bid to be valid, initially set at 66.67 per cent. The takeover bid price is €53 per share (in line with today’s closing price) and the payment date for acceptances received following the reopening is set for 17 November.

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