The tender offer is for €51.29 per share, representing a 13% premium on Recordati’s share price before the takeover was first disclosed.
Many of Italy’s large pharma companies are privately owned. Credit: esfera/Shutterstock.com.
One of Italy’s only publicly traded large pharma companies could soon be taken into private ownership, after private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (BGL) launched a $12.4bn (€10.7bn) takeover bid for Recordati.
At the end of March, CVC – which holds a controlling 46.8% stake in Recordati – confirmed a non-binding full takeover offer, aimed at delisting the drugmaker from the Italian stock exchange. In a 22 May notice, Recordati confirmed that the consortium is offering €51.29 per share, which reflects a 12.89% premium to the pharma company’s share price on 25 March, just before CVC’s interest was first revealed. Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
