Recordati stock: CVC and GBL cross 90% threshold for delisting

Recordati stock enters the final phase of the takeover led by CVC Capital Partners and Groupe Bruxelles Lambert. Respighi BidCo reached a provisional 91.928 percent of Recordati's share capital after the reopened offer ended on Monday, November 9, moving the transaction beyond the 90 percent threshold linked to the purchase of remaining shares and a subsequent delisting.

Il Sole 24 ORE reported that the offer vehicle, backed by CVC and GBL, had reached 91.93 percent at the close of the extended acceptance period. The report said the result opens the way for the next steps toward removing the pharmaceutical group from Euronext Milan.

Shares representing 10.62 percent of Recordati's capital were tendered during the reopening. At the agreed consideration of 53 euros per share, those acceptances represent 1.177 billion euros. Settlement for shares tendered during the reopened period is scheduled for Tuesday, November 17.

Minority holders face next steps

Before the reopening, Respighi BidCo held 74.58 percent after the original offer cleared its 66.67 percent minimum acceptance threshold. The latest result changes the investor focus from whether the takeover would clear the delisting hurdle to how the remaining acquisition procedure will be executed.

The 90 percent result strengthens the bidder's position, but the provisional nature of the figure leaves the final ownership outcome and the timetable for the remaining shares as the next relevant milestones. The 53-euro offer remains the reference consideration for shares accepted in the reopening.

Recordati stock traded at 53.00 euros on Lang & Schwarz at 18:02:32 CET on Tuesday, November 10, 2026.

The Euro Stoxx 50 market provides the broader regional equity context for investors following the transaction.

More news and analyses are available on Recordati stock.