Recordati stock edges higher as Palliser challenges CVC takeover offer

Published on 09/14/2026 at 15:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Recordati stock traded around EUR 52.25 on Euronext Milan on September 14, 2026, modestly above the EUR 51.29 per share bid from CVC and GBL. Activist investor Palliser Capital is pushing for at least EUR 60 per share, arguing the offer undervalues the company.

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 (ISIN IT0003828271) was quoted at about EUR 52.25 on Euronext Milan on September 14, 2026, slightly above the EUR 51.29 per share tender offer launched by CVC Capital Partners and Groupe Bruxelles Lambert, keeping the takeover debate very much alive for shareholders.

Activist investor opposes current bid

According to Reuters on September 14, 2026, activist investor Palliser Capital has publicly urged Recordati's board to withdraw its support for the EUR 51.29 per share all-cash offer from the CVC and GBL consortium, arguing that this price materially undervalues the Italian drugmaker.

In a letter originally sent on September 1, 2026 and now disclosed, Palliser called on the board to demand that Respighi BidCo S.p.A., the vehicle used by CVC and GBL, raise the consideration to at least EUR 60 per share to provide what it sees as fair treatment for minority investors, implying a requested uplift of around 17 percent versus the current offer level.Yahoo Finance

Share price hovers above bid, below activists’ target

Market data compiled by MarketScreener on September 14, 2026 show Recordati last traded at EUR 52.25 on Euronext Milan in real-time, up approximately 0.48 percent on the day and modestly above the prior closing price of EUR 52.00.

At that EUR 52.25 level, the stock stands roughly 1.9 percent above the EUR 51.29 takeover offer from CVC and GBL, yet still around 13 percent below the EUR 60 per share price that Palliser is calling for in its letter, highlighting a gap between the current market valuation and activist expectations.Yahoo Finance

The same MarketScreener overview indicates a market capitalization of about EUR 12.36 billion for Recordati at an Euronext Milan price of EUR 52.25 as of September 14, 2026, providing investors with a sense of the overall equity value at stake in the pending tender offer.MarketScreener

Valuation debate and minority shareholder concerns

As Reuters reports, CVC and GBL launched their all-cash bid in May 2026 through Respighi BidCo, valuing Recordati at about EUR 10.7 billion based on the EUR 51.29 per share offer and aiming to delist the company from the Milan stock exchange.

Palliser argues that this valuation does not adequately reflect Recordati's business prospects and past performance, and has urged the board to align more closely with minority shareholders who, according to coverage from MarketScreener, have voiced concerns that accepting the current bid would crystallize less than full value for their holdings.

For investors, the quantified spread between the EUR 51.29 bid, the roughly EUR 52.25 trading price and the EUR 60 level sought by the activist underscores the central risk-reward trade-off: the stock already prices in a premium to the offer, but not yet the full uplift that Palliser considers fair.

Closing price and trading context

Recordati stock closed at EUR 52.00 on Euronext Milan on September 11, 2026, before ticking higher intraday to around EUR 52.25 on September 14, 2026, leaving the shares modestly up year-to-date according to real-time Borsa Italiana data cited in MarketScreener tables.