CVC and GBL Secure Over 90% of Recordati
Private equity firm CVC and Belgian group GBL secured over 90 percent of Italian drugmaker Recordati. The takeover offer reached 91.9 percent, paving the way for the company to delist.
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CVC Capital Partners and Groupe Bruxelles Lambert secured a 91.9% stake in Recordati Industria Chimica on Monday evening, clearing the path to delist the €11 billion ($12.32 billion) pharmaceutical firm based in Italy. The threshold crossed the 90% mandatory requirement following additional shares tendered at the close of the offer in Belgium. The buyout consortiums offered €53 per share for the drugmaker, setting up the final exit from public markets.
