Palliser challenges EUR 53 offer as Recordati stock trades at EUR 52.98

Published on 10/15/2026 at 11:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Palliser seeks board clarity on the EUR 53.00 offer dated October 14, 2026. Recordati stock trades at EUR 52.98 on October 15, 2026 below the offer.

Offer dispute reaches the board

Palliser sought clarity on the EUR 53.00 offer on October 14, 2026.
Acceptances reached 50.49 percent before the October 23, 2026 deadline.
Recordati stock trades at EUR 52.98 at 11:00 a.m. CEST at Lang & Schwarz on October 15, 2026.

Schwarzweiß-Reportagefoto von Laborpersonal bei Pipettenarbeit im Pharma-Labor — Recordati S.p.A. (IT0003828271) forscht in Pharma-Laboren, dokumentiert durch diese dokumentarische Schwarzweiß-Reportage-Aufnahme von Wissenschaftlern, Illustration mit AI erstellt.

Recordati (IT0003828271) stock was trading at EUR 52.98 at Lang & Schwarz on October 15, 2026 at 11:00 a.m. CEST, just below the EUR 53.00 takeover offer. On October 14, Palliser Capital asked the board to clarify whether independent directors support the revised bid, according to Business Wire.

The offer remains the central issue

The dispute concerns Respighi BidCo, backed by CVC Capital Partners and Groupe Bruxelles Lambert. The bidders raised their offer from EUR 51.29 to EUR 53.00 per share on October 6 and described it as their best and final proposal, Reuters reported. The revised terms also extended the acceptance period to October 23, 2026, with payment scheduled for November 2, 2026.

Recordati's board said on October 7 that it welcomed the higher consideration, according to the company's release. Palliser argues that this wording should not be treated as a fairness recommendation by the independent directors. The fund asked for a public clarification by 5:30 p.m. Italian time on October 16, 2026, as Il Sole 24 ORE reported.

What does the offer mean for value?

The answer depends on whether shareholders prioritize the fixed cash bid or Recordati's standalone prospects. Palliser cited a Rothschild valuation range of EUR 52.01 to EUR 61.25 per share and a EUR 60.10 consensus target, while first-half 2026 Rare Diseases growth reached 22.00 percent at constant exchange rates, according to Business Wire.

Three dates frame the takeover

On October 6, 2026, CVC and GBL raised the offer to EUR 53.00. On October 7, 2026, Recordati's board welcomed the increase. On October 14, 2026, Palliser requested clarification on the independent directors' position.

Next decisions arrive in October

The next stated date is October 16, 2026, when Palliser requested a response by 5:30 p.m. Italian time. The tender offer is scheduled to close on October 23, 2026, after the period was extended from October 15, 2026.

Stock stays near the cash offer

Recordati's market value was EUR 10.8 billion on October 15, 2026, while its 52-week range was EUR 43.76 to EUR 54.45. The company operates in specialty pharmaceuticals and rare diseases and reported first-half 2026 Rare Diseases growth of 22.00 percent at constant exchange rates, according to Business Wire.

Recordati stock was trading at EUR 52.98 at Lang & Schwarz on October 15, 2026 at 11:00 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Recordati stock.