The offer for the Italian drugmaker rose to €53 a share and the acceptance period now runs to Oct. 23. Just under half of the shares had been tendered by Monday.
Private Markets · FinancialMarkets.com · October 6, 2026 · Tickers: REC.MI
CVC Capital Partners and Belgian investment company GBL raised their offer for Recordati on Tuesday and declared it their last. The question now is whether enough shareholders agree.
The bidding vehicle, Respighi BidCo, lifted its price to €53 a share from €51.29, an increase of 3.3%. Shareholders have already received a €0.71 dividend for 2025, so the bidders put the total value at €53.71. They said that represents a 16.6% premium to Recordati's closing price on March 25. The offer is "best and final," meaning the bidders have committed not to raise it again.
The timetable
The acceptance period, which opened Aug. 31 and was due to end Oct. 15, now runs to Oct. 23. Payment is scheduled for Nov. 2. As of Monday, 49.79% of Recordati's share capital had been tendered.
The holdouts
The bump follows pressure from shareholders who argued the original price was too low. Palliser Capital, an activist investor, had said in mid-September that the offer should be at least €60 a share. At €53, the final price is about 12% below that figure. A family office, Tokos, also filed a complaint over the bid.
Declaring an offer final is a negotiating tool. It tells holdouts that waiting will not produce a higher price, which shifts the decision to whether they prefer €53 now or remaining minority holders in a company controlled by a private equity owner.
How holders may weigh it
One view is that a 3.3% increase is a modest concession and that shareholders who held out for €60 have little reason to tender now, especially with the offer labeled final.
Another view is that the move into "best and final" territory, along with an extended deadline, gives undecided holders a clear choice, and that near-50% acceptance before the bump suggests momentum toward completion.
The Oct. 23 count
The tally at the close of the acceptance period is the decisive number. A sharp jump in tenders over the next two weeks would suggest the bump resolved the standoff. A stalled count would put pressure on the bidders' "final" label, and on what level of ownership the bidders are prepared to accept.