CVC, GBL sweeten bid for Italian drugmaker Recordati

ROME, Oct 6 (Reuters) — CVC Capital Partners and Belgian investment firm Groupe Bruxelles Lambert raised on Tuesday their takeover bid for Italian drugmaker Recordati to €53 per share and extended the offer period. The offer, launched through vehicle Respighi BidCo, was increased from an original price of €51.29 euros per share. Including the €0.71 euro of Recordati's 2025 dividend already distributed, the revised consideration is €53.71 per share, Respighi BidCo said on Tuesday The new price represents the "best and final" offer and will not be increased further, it added The revised bid represents a 16.6% premium to Recordati's closing price on March 25, last trading day before the announcement of the non-binding offer The move comes three weeks after activist investor Palliser Capital argued that the original offer undervalued the drugmaker, adding the consortium should raise it to at least €60 euros per share CVC and GBL launched the all-cash offer with the aim of delisting the company from the Milan stock exchange The acceptance period, which began on August 31 and was due to end on October 15, has now been extended until October 23, with payment scheduled for November 2 As.