Recordati stock trades above the EUR 51.29 tender offer

Published on 09/24/2026 at 15:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Recordati stock posted EUR 52.90 on September 23, 2026, while first-half revenue reached EUR 1.4 billion after 6.6 percent growth. EBITDA rose 8.8 percent to EUR 540 million.

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) stood at EUR 52.90 on Borsa Italiana on September 23, 2026, up 0.19 percent and 3.14 percent above the EUR 51.29 tender offer. The valuation dispute intensified after Palliser Capital urged the board to seek a higher bid.

Tender offer faces a valuation test

As Reuters reported on September 14, Palliser asked Recordati's board to withdraw its support for the EUR 51.29-per-share offer from CVC Capital Partners and Groupe Bruxelles Lambert. Palliser argued that the proposal undervalues the Italian pharmaceutical company.

According to Business Wire, Palliser called for consideration of at least EUR 60 per share. That figure is EUR 8.71 above the existing offer, creating a clear benchmark for the dispute.

First-half growth strengthens the case

Recordati's first-half 2026 revenue increased 6.6 percent to EUR 1.4 billion, according to the company's Q2 earnings-call transcript published by Yahoo Finance. Like-for-like growth at constant exchange rates was 9.1 percent, showing that the reported increase was not solely a currency effect.

EBITDA rose 8.8 percent to EUR 540 million, with a 38.3 percent margin. Adjusted net income increased 6.7 percent to EUR 350 million, while reported net income climbed 24.8 percent, giving the takeover debate a stronger operating backdrop.

Stock remains above the offer

At EUR 52.90 on September 23, 2026, Recordati stock traded EUR 1.61 above the tender price and 11.83 percent below Palliser's EUR 60 proposal. The market level therefore sits between the existing bid and the activist investor's requested consideration.