Recordati stock: CVC and GBL clear path to delisting

Published on 11/11/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Recordati stock enters the final phase of the CVC and GBL takeover after the bidder crossed the threshold linked to a delisting. Minority holders now face the next acquisition steps.

Takeover clears key threshold

Respighi BidCo reached a provisional 91.928 percent stake after the reopened offer.
The result opens the route to acquire remaining shares and pursue a delisting from Euronext Milan.
Shares tendered during the reopening are scheduled for settlement on November 17.

Recordati, IT0003828271, Illustration mit AI erstellt.

Respighi BidCo, the takeover vehicle backed by CVC Capital Partners and Groupe Bruxelles Lambert, moved above the threshold required for the next phase of Recordati's removal from the stock market. Il Sole 24 ORE reported on Tuesday, November 10, that provisional results put the offeror's holding at 91.928 percent of Recordati's share capital after the extended acceptance period closed.

Delisting route moves forward

The reopening of the offer brought in shares equal to 10.62 percent of Recordati's share capital. At the agreed consideration of 53 euros per share, those acceptances represented 1.177 billion euros. The result lifted the bid above the 90 percent threshold and opened the procedure to acquire the remaining shares, followed by a planned delisting from Euronext Milan.

The outcome marks a clear shift in the transaction. Before the reopening, Respighi BidCo together with CVC and GBL held 74.58 percent after the original offer passed the 66.67 percent minimum acceptance condition. The additional tender period therefore addressed the remaining ownership hurdle for the consortium's take-private plan.

Minority holders await next steps

Settlement for shares tendered during the reopened offer is scheduled for Tuesday, November 17. The 53-euro consideration remains the reference price for those acceptances, while minority holders who did not tender face the procedures required to acquire the remaining shares and complete the delisting process.

Recordati stock traded at 52.98 euros on Lang & Schwarz at 11:34:44 CET on Wednesday, November 11, 2026. The takeover price and the market quotation are close in level, leaving the remaining corporate procedures, timing and treatment of outstanding shares as the central issues for investors.