Recordati has confirmed receipt of a non-binding takeover proposal from CVC Capital Partners, which would see the Milan-listed group taken private in a deal valuing it at €10.9bn, according to a report by Reuters.
CVC has reportedly indicated a preliminary offer price of €52 per share. The proposal follows earlier media reports, which lifted Recordati’s share price, with the stock trading higher following confirmation of the approach.
The offer remains subject to a number of conditions, including completion of due diligence, securing financing and the identification of potential co-investors.
CVC already holds a 46.8% stake in Recordati, according to recent filings, and has formally notified the company’s board of its interest in pursuing a full acquisition. No agreement has been reached and there is no certainty that a transaction will proceed.
