Palliser demanded clarity on EUR 53 offer for Recordati stock

Published on 10/16/2026 at 09:19 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Palliser sought clarity on October 14. Recordati stock costs EUR 52.98 on October 16, 2026 beside the EUR 53.00 offer, while 50.49 percent is tendered.

Offer terms and company value

Palliser requested clarification on October 14, 2026, before the EUR 53.00 offer deadline.
Recordati reported EUR 1.41 billion in first-half 2026 revenue, up 6.60 percent.
Recordati stock trades at EUR 52.98 at 9:12 a.m. CEST at Lang & Schwarz on October 16, 2026.
The offer period ends on October 23, 2026, with payment scheduled for November 2, 2026.

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 (ISIN IT0003828271) was trading at EUR 52.98 at Lang & Schwarz on October 16, 2026, as the EUR 53.00 takeover offer entered its final clarification phase. Il Sole 24 ORE reported on October 14, 2026, that Palliser Capital had asked the board and the bidding parties to clarify the independent directors' position by 5:30 p.m. CEST on October 16, 2026.

The offer remains the central issue

CVC Capital Partners and Groupe Bruxelles Lambert raised their cash offer from EUR 51.29 to EUR 53.00 per share on October 6, 2026, while extending the acceptance period to October 23, 2026. Reuters reported that shareholders representing 49.79 percent of Recordati's share capital had tendered their shares by October 5, 2026, while CVC already held 46.80 percent.

By October 13, 2026, total acceptances had reached 100,249,177 shares, or 50.49 percent of the securities covered by the offer, according to Il Sole 24 ORE. That figure places the shareholder response at the center of the final offer timetable.

What does the offer mean for value?

The revised bid is being challenged against Recordati's operating growth. In the first half of 2026, revenue rose 6.60 percent to EUR 1.41 billion, EBITDA increased 8.80 percent to EUR 540.20 million and net income rose 25.00 percent to EUR 269.70 million, figures reported in Recordati's investor materials dated July 29, 2026. Recordati also identified the first-half results as its latest interim reporting package.

The valuation dispute is quantified by the alternatives cited by Il Sole 24 ORE: Akros kept a EUR 65.00 target, Equita cited EUR 69.00 and Intermonte cited EUR 71.00. Those figures compare with the EUR 53.00 offer and explain why the board's position remains important to minority shareholders.

Three dates define the next steps

On October 6, 2026, the consortium raised the bid to EUR 53.00. On October 14, 2026, Palliser requested clarification before the deadline. On October 16, 2026, the requested response was due by 5:30 p.m. CEST.

Offer timetable

The acceptance period ends on October 23, 2026, and payment for shares tendered during the offer is scheduled for November 2, 2026, according to Reuters. The calendar gives shareholders a defined next decision point.

Stock price and valuation gap

Recordati's market value was EUR 10.8 billion as of October 16, 2026, while its 52-week range was EUR 43.76 to EUR 55.35. The current quote sits below the stated offer price, keeping the bid terms and the operating results closely linked in the investor debate.

Recordati was trading at EUR 52.98 at Lang & Schwarz on October 16, 2026 at 9:12 a.m. CEST.

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