CVC Raises Recordati Takeover Offer to €10.5 Billion

CVC Capital Partners has lifted its tender offer for Italian pharmaceutical company Recordati to €53 per share, up from €51.29, and extended the offer period through October 23, the companies announced on Tuesday. The new bid values Recordati's roughly 198.5 million shares at as much as €10.52 billion, with payment expected on November 2.

CVC described the increased price as its "best and final determination," arguing it fully reflects Recordati's standalone value amid declining valuations in European healthcare and specialty pharmaceuticals. The private equity firm had initially announced its interest in Recordati before the offer was revised.

When factoring in Recordati's €0.71 final dividend paid in May, the total consideration reaches €53.71 per share. That represents a 16.6% premium over the stock's closing price on March 25, the day before CVC publicly revealed its interest in the company.

The extension gives Recordati shareholders additional time to tender their shares under the revised terms. The deal, if completed, would rank among the larger European healthcare transactions this year and would take the Italian drugmaker private.