MILAN, March 26 (Reuters) – Recordati confirmed a non‑binding full takeover offer on Thursday from private equity firm CVC Capital Partners, aimed at delisting the Italian pharmaceutical group.
Recordati’s statement followed earlier press reports on a potential bid which sent the shares up 9%. The shares were trading up 5.5% at 48.82 euros after the update.
CVC has indicated a preliminary price of 52 euros ($60) per share, the statement added, with the offer valuing Recordati at 10.9 billion euros ($12.59 billion).
The offer is non‑binding and subject to several conditions, including the completion of due diligence, the securing of financing for the transaction and the identification of partners to join the deal.
Italian daily Il Sole 24 Ore had reported the move earlier in the day on its website.
The financial newspaper said that CVC – which owned 46.8% of Recordati as of February – had written to the company’s board announcing its interest.
($1 = 0.8660 euros)
(Reporting by Giancarlo Navach, additional reporting by Elvira Pollina and Alvise Armellini; Editing by Gianluca Semeraro, Joe Bavier, Elaine Hardcastle)
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