GBL raises Recordati bid to €53 a share with CVC

Groupe Bruxelles Lambert has raised the price of its joint offer for Recordati to €53 per share, Family Office Hub reported on 8 October. Acceptance now runs to 23 October 2026.

GBL and CVC Fund IX are bidding through Respighi BidCo, a newly formed Italian company announced on 22 May 2026. GBL participates through Black Mountain S.à r.l. and CVC through a vehicle of CVC Fund IX; Family Office Hub describes both as co-control investors.

The original price was €51.29 per share, set after the €0.71 dividend balance paid on 20 May — €52.00 including that dividend, and a 12.89% premium to the undisturbed price of 25 March 2026. At the original price, Family Office Hub puts the equity value at about €10.7 billion, or a maximum disbursement of €10,726,029,251.24 across 209,125,156 shares.

Rossini S.à r.l., ultimately owned by CVC Fund VII, holds 97,912,463 Recordati shares, about 46.82% of the capital, and has irrevocably agreed to tender all of them. Acceptance needs at least 66.67% of share capital tendered, along with antitrust, foreign direct investment and foreign subsidies clearances — so the committed block alone does not get the deal over the threshold.

Family Office Hub notes GBL brings permanent capital with no fund life, allowing it to hold a pharmaceutical asset through a long development cycle rather than a five-year exit. Recordati has expanded its rare diseases platform through sixteen acquisitions and licensing transactions since 2018.