Recordati stock faces delisting pressure after bid closes

Recordati's takeover battle moved closer to a change of control during the week, as the CVC- and GBL-backed Respighi BidCo secured a dominant position after the tender offer closed. Il Sole 24 Ore reported on October 26 that Respighi's stake had risen to 74.58 percent of the share capital after 129.98 million shares were tendered.

The result exceeded the 66.67 percent minimum acceptance threshold. CVC had also bought 15.39 million shares on the open market, equal to 7.36 percent of Recordati's share capital, strengthening the offerors' position ahead of the next phase.

Delisting Risk Remains Central

The offer is scheduled to reopen from November 3 through November 9. If the combined holding remains below 90 percent, the bidder intends to pursue delisting through a merger of Recordati into Respighi BidCo, subject to approval by the relevant corporate bodies. Crossing 90 percent would instead trigger a compulsory purchase procedure for the remaining shares.

The ownership shift matters because it reduces the influence of minority investors and leaves the tender offer as the main reference point for the stock. Banca Akros said Recordati's potential value exceeded the 53-euro offer price but changed its recommendation from Buy to Accumulate after the tender result. Intermonte also assessed the bid as below its target price, while pointing to pressure on shareholders to tender.

Quote And Investor Context

Recordati stock traded at 52.83 euros on Lang & Schwarz at 10:38 CEST on Saturday, October 31, 2026. Investors can follow the real-time quote of Recordati stock as the reopened offer approaches.

Italy's FTSE MIB provides the broader market setting for investors tracking Italian equities.

For more news and analyses on Recordati stock, investors can follow the takeover process and the next steps toward a possible delisting.