Business · Companies · 17 hrs ago
CVC and GBL reach 86% of Recordati as takeover offer closes
CVC and GBL have gained control of 86% of Recordati, an Italian pharmaceutical company, through a takeover bid.
Investors had until Monday, November 9, to accept the offer of €53 per share.
The bid values Recordati at about €11 billion and is made through Respighi, a company controlled by the two investment funds.
The funds are seeking to pass the 90% threshold, which would let them buy the remaining shares at the offer price.
Recordati will leave the stock market either way: if the threshold is not reached, it will be delisted through a merger with Respighi.
Shareholders who do not sell could be left holding shares in a company that is no longer listed, making them harder to sell.
CVC and GBL plan to continue growing Recordati, including its work in rare diseases, after the takeover is completed.
CVC and GBL had secured acceptances for 86% of Recordati’s share capital before the second window of their takeover offer closed.
The offer, made through Respighi, was priced at €53 per share and valued Recordati at about €11 billion.
The second acceptance window closed on Monday, November 9, 2026.
The 90% threshold would allow the buyers to acquire the remaining shares through a squeeze-out.
Recordati is set to leave the stock market even if the offer does not reach 90%, through a reverse merger into Respighi.
- Who
- Respighi, the vehicle controlled by CVC and GBL, made the offer for Recordati.
- What
- The takeover offer reached acceptances for 86% of Recordati’s share capital.
- When
- The second acceptance window closed on Monday, November 9, 2026.
- Where
- Recordati is listed on Piazza Affari.
- Why
- Not stated
This story does not have two clearly opposing sides.
The offerors had received acceptances for 86% of Recordati’s share capital.
The second acceptance window for the €53-per-share offer closed.
- Acceptance level
- 86% of Recordati’s share capital
- Offer price
- €53 per share
- Company valuation
- About €11 billion
- Second window closed
- November 9, 2026
- Squeeze-out threshold
- 90%