Palliser challenges Recordati offer and Recordati stock costs EUR 52.98

Published on 10/14/2026 at 13:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Palliser sought clarity on October 14, 2026 over the EUR 53.00 offer. Recordati stock was EUR 52.98 against the EUR 53.00 offer on October 14, 2026.

Offer scrutiny and operating performance

The revised offer is EUR 53.00 per share on October 14, 2026.
First-half 2026 revenue increased 6.6 percent to EUR 1.4 billion.
Recordati stock trades at EUR 52.98 at 1:10 p.m. CEST at Lang & Schwarz on October 14, 2026.

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Recordati (ISIN IT0003828271) stock was trading at EUR 52.98 at Lang & Schwarz on October 14, 2026 at 1:10 p.m. CEST. Palliser Capital sought public clarification from Recordati's board over the revised EUR 53.00 per share offer, according to Business Wire on October 14, 2026.

Offer scrutiny reaches the board

Palliser's letter concerns the position of the independent directors on the offer from Respighi BidCo, the vehicle backed by CVC and GBL. The revised consideration is EUR 53.00 per share, while the original offer was EUR 51.29, according to Reuters on October 6, 2026.

The acceptance period runs through October 23, 2026, with payment scheduled for November 2, 2026, Reuters reported. Those dates keep the offer process central to Recordati's near-term valuation, while the EUR 53.00 consideration remains close to the Lang & Schwarz price.

Three dated steps in the deal

On July 29, 2026, Recordati presented first-half 2026 results, including EUR 1.4 billion of revenue and 6.6 percent reported growth, according to the company's earnings call transcript published by Yahoo Finance.

On August 31, 2026, the voluntary tender offer began, and on October 6, 2026, CVC and GBL raised the offer from EUR 51.29 to EUR 53.00, according to Reuters. On October 14, 2026, Palliser requested clarification on whether the independent directors support the revised terms, according to Business Wire.

What does the revised offer imply

Recordati's first-half operating figures provide a counterweight to the takeover debate. Revenue rose 6.6 percent to EUR 1.4 billion, EBITDA increased 8.8 percent to EUR 540.2 million, and adjusted net income grew 6.7 percent to EUR 349.9 million in the first half of 2026, according to Yahoo Finance's transcript of the July 29 results call.

Rare Disease revenue increased 17.1 percent to EUR 604 million in the first half of 2026, while Specialty and Primary Care revenue reached EUR 774 million and grew 0.6 percent on a like-for-like basis at constant exchange rates. Management also confirmed full-year 2026 revenue guidance of EUR 2.73 billion to EUR 2.80 billion in the same transcript.

Trading stays near the offer

Recordati was trading at EUR 52.98 at Lang & Schwarz on October 14, 2026 at 1:10 p.m. CEST. The reference price stood EUR 0.02 below the EUR 53.00 offer, a narrow gap that leaves the tender terms as the clearest market benchmark.

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