CVC and GBL Launch €10.7 Billion Full Takeover Offer for Recordati
Overview of the Recordati Takeover Bid
Details of the Offer
ROME, May 22 (Reuters) - Private equity firm CVC Capital Partners and Belgian investment group GBL said on Friday they had launched a 10.7 billion euro ($12.43 billion) full voluntary cash bid on Italian pharmaceutical group Recordati <RECI.MI>.
Purpose and Structure of the Bid
The bid, launched through a new Italian joint stock company, is aimed at delisting Recordati.
Offer Price and Premium
The groups are offering 51.29 euros per shares ex dividend, incorporating a premium of 12.89% compared to Recordati's share price on March 25, the day before the Italian company announced CVC's non-binding expression of interest.
Shareholder Support and Strategic Intentions
Backing by Shareholders
"The offer is supported by a committed, flexible and stable shareholder base, where CVC and GBL will partner as co-control investors with a clear commitment to support the Company’s development over the long term," the statement said.
Agreement with Controlling Shareholder
Recordati's controlling shareholder, Rossini, has agreed to tender all of its shares, or 46.82% of the company, CVC and GLB said.
Exchange Rate Information
($1 = 0.8610 euros)
Reporting Credits
(Reporting by Giulia Segreti in Rome, editing by Alvise Armellini)