CVC and GBL raise Recordati bid: Recordati stock gains 1.15 percent

Published on 10/06/2026 at 15:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The offer reaches EUR 53 on October 6, 2026. Recordati stock costs EUR 52.98 versus EUR 52.38, plus 1.15 percent.

Moderne Pharma-Produktionsanlage mit Edelstahltanks und Glasfassade bei Tageslicht — Recordati S.p.A. (IT0003828271) betreibt moderne Pharma-Produktionsanlagen mit hochwertiger Fertigungstechnik am Firmensitz in Mailand, Italien, Illustration mit AI erstellt.

Recordati stock was trading at EUR 52.98 at Lang & Schwarz on October 6, 2026 at 3:12 p.m. CEST, up 1.15 percent from the EUR 52.38 prior close. Reuters reported on October 6, 2026 that CVC Capital Partners and Groupe Bruxelles Lambert raised their takeover bid to EUR 53.00 per share, up from EUR 51.29.

Offer terms move to EUR 53

The revised consideration includes EUR 0.71 from Recordati's 2025 dividend already distributed, bringing the total to EUR 53.71 per share, according to Reuters. Respighi BidCo called the revised price its best and final offer and extended the acceptance period from October 15 to October 23, with payment scheduled for November 2.

Shareholders representing 49.79 percent of Recordati's share capital had tendered their shares by October 5, 2026. CVC already held a 46.80 percent stake, while the stated objective remains to delist the Italian pharmaceutical company from the Milan exchange.

First-half growth supports valuation debate

Recordati's operating figures provide the counterpoint to the offer debate. In the first half of 2026, revenue increased 6.60 percent to EUR 1.4 billion, while EBITDA rose 8.80 percent to EUR 540.2 million, according to the company's earnings-call transcript published by Yahoo Finance. Adjusted net income grew 6.70 percent to EUR 349.9 million, and free cash flow reached EUR 299.4 million, an increase of EUR 42.6 million from the prior year.

Rare Disease revenue rose 17.10 percent to EUR 604 million in the first half, contrasting with stable Specialty and Primary Care revenue of EUR 774 million. Management confirmed full-year 2026 targets of EUR 2.73 billion to EUR 2.80 billion in net revenue and EUR 995 million to EUR 1.03 billion in EBITDA.

Analysts see value above the bid

The valuation gap is central to the takeover response. Il Sole 24 Ore reported on October 6, 2026 that Banca Akros kept a buy rating and a EUR 65.00 target, while Equita cited EUR 69.00 and Intermonte EUR 71.00. The average target cited in the report was EUR 60.10, leaving the EUR 53.00 offer below each of those stated valuations.

Recordati quote and offer deadline

The EUR 53.00 bid is EUR 0.02 above the Lang & Schwarz intraday price of EUR 52.98 on October 6, 2026, while the daily quote was up 1.15 percent versus EUR 52.38. The offer deadline is October 23, 2026, and payment is scheduled for November 2, 2026.

The further course of trading is shown by the continuously updated real-time quote of Recordati stock.