Recordati: CVC and GBL raise takeover bid to EUR53/share
CVC Capital Partners and Groupe Bruxelles Lambert raised their takeover bid for Italian drugmaker Recordati to EUR53 per share and extended the offer period. The revised bid represents a 16.6% premium to Recordati's closing price on March 25.
(The author is a Reuters Breakingviews columnist. ) By Liam Proud LONDON, Oct 6 (Reuters Breakingviews) — The private equity firm, along with Belgian co-investor GBL, slightly raised its offer for €11 bln Milan-based Recordati. Activist Palliser Capital has argued, with some justification, that the process and the price have been lacking. But the bidders are in the driving seat.
Full view will be published shortly. Follow Liam Proud on Bluesky and LinkedIn. Context News CVC Capital Partners and Belgian investment firm Groupe Bruxelles Lambert on October 6 raised their takeover bid for Italian drugmaker Recordati to €53 per share and extended the offer period. 29 per share.
6% premium to Recordati's closing price on March 25, the 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 per share. 95 as of 0926 GMT on October 6. com)