Key Takeaways
- • CVC Capital Partners and Groupe Bruxelles Lambert (GBL) hold a 91.9% stake in Italian pharmaceutical company Recordati following the close of their takeover offer, according to Reuters.
- • The holding surpassed the 90% threshold required for delisting after additional shares were tendered on Monday, 9 November.
- • CVC and GBL offered €53 per share for the €11bn business, clearing the way for Recordati's removal from the Milan stock exchange.
- • The 91.9% figure, calculated by Reuters using Borsa Italiana data, excludes any shares bought on the market by CVC or GBL on the final day of the offer.
Summary
Private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (GBL) have secured a 91.9% stake in Italian pharmaceutical company Recordati following the closure of their takeover offer, according to a report by Reuters. The result clears the way for the €11bn business to be delisted from Borsa Italiana.
The consortium's holding reportedly surpassed the 90% threshold required for delisting after additional shares were tendered on Monday, 9 November. CVC and GBL offered €53 per share, with the tender period closing at 16:30 GMT.
The 91.9% holding was calculated by Reuters using Borsa Italiana data. It excludes any shares acquired by CVC or GBL on the market on the final day of the offer, so the reported figure may differ slightly from the consortium's final position.
The transaction marks a significant take-private deal in the European pharmaceutical sector. With the 90% threshold surpassed, the consortium is now positioned to complete Recordati's removal from the Milan stock exchange.
The consortium's holding reportedly surpassed the 90% threshold required for delisting after additional shares were tendered on Monday, 9 November. CVC and GBL offered €53 per share, with the tender period closing at 16:30 GMT.
The 91.9% holding was calculated by Reuters using Borsa Italiana data. It excludes any shares acquired by CVC or GBL on the market on the final day of the offer, so the reported figure may differ slightly from the consortium's final position.
The transaction marks a significant take-private deal in the European pharmaceutical sector. With the 90% threshold surpassed, the consortium is now positioned to complete Recordati's removal from the Milan stock exchange.
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