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● TRACKER Updated 5d ago · 17 sources tracked

CVC faces shareholder revolt over €10.7bn Recordati take-private

CVC Capital's €10.7 billion take-private bid for Recordati is facing a shareholder revolt, with minority investors like Palliser Capital arguing the offer price of 51.29 euros per share undervalues the company. Recordati's stock price has risen following the public challenge from Palliser Capital. The bid was launched on August 31. CVC has dropped its pursuit of Bodycote, clearing the path for Veritas' $2.5 billion takeover.

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  • ✓ CVC Capital launched a €10.7 billion take-private bid for Recordati on August 31.
  • ✓ The offer price is 51.29 euros per share.
  • ✓ Recordati's stock price has risen following a public challenge from Palliser Capital.
  • ✓ CVC Advisers abandoned its pursuit of Bodycote on September 28.
🛡️ Source Corroboration: 17 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

CVC Capital dropped its pursuit of Bodycote, clearing the path for Veritas' $2.5 billion takeover, which may indicate a strategic shift in CVC's focus.

Live updates

  1. CVC faces shareholder revolt over €10.7bn Recordati take-private

    CVC Capital's €10.7 billion take-private bid for Recordati is facing a shareholder revolt, with minority investors like Palliser Capital arguing the offer price of 51.29 euros per share undervalues the company. Recordati's stock price has risen following the public challenge from Palliser Capital. The bid was launched on August 31. CVC has dropped its pursuit of Bodycote, clearing the path for Veritas' $2.5 billion takeover.

    Why it matters

    The shareholder revolt against CVC Capital's take-private bid for Recordati highlights tensions between the private equity firm and minority investors. Recordati's stock price has responded to the public challenge, indicating market skepticism about the bid. CVC's decision to abandon its pursuit of Bodycote may be seen as a strategic shift.

    What is confirmed

    • CVC Capital launched a €10.7 billion take-private bid for Recordati on August 31.
    • The offer price is 51.29 euros per share.
    • Recordati's stock price has risen following a public challenge from Palliser Capital.
    • CVC Advisers abandoned its pursuit of Bodycote on September 28.
    • Veritas Capital won Bodycote's backing for its £1.85 billion ($2.45 billion) takeover offer.

    What to watch next

    • Recordati shareholder response to CVC's bid
    • CVC's next move in the Recordati take-private bid
    • Veritas' completion of Bodycote takeover
    Sources used for this update (2)
    1. www.proactiveinvestors.co.uk — CVC walks away from Bodycote, clearing path for Veritas
    2. live.euronext.com — CVC drops Bodycote pursuit, clears path for Veritas' $2.5 ...
    confidence 90%

  2. CVC faces shareholder revolt over €10.7bn Recordati take-private

    CVC Capital is facing a shareholder revolt over its €10.7 billion take-private bid for Recordati. Minority investors, including Palliser Capital, are pushing back against the deal, arguing that the offer price of 51.29 euros per share undervalues the company. Recordati's stock price has risen following the public challenge from Palliser Capital. The bid was launched on August 31.

    Why it matters

    The take-private deal has sparked controversy among Recordati's shareholders, with some investors questioning the fairness of the offer price. CVC Capital, in partnership with Belgian investment group GBL, launched the bid to take Recordati private. The deal's success is uncertain as minority investors continue to voice their opposition.

    What is confirmed

    • Recordati's market value is 10.8 billion euros.
    • CVC Capital has €212 billion of assets under management.
    • The take-private bid for Recordati was launched on August 31.

    Still unconfirmed

    • Italian pharmaceutical companies Angelini Pharma and Recordati are negotiating a merger.

    What to watch next

    • Recordati's board response to Palliser Capital's challenge
    • CVC Capital's next move to address shareholder concerns
    • the outcome of the tender offer
    Sources used for this update (8)
    1. markets.ft.com — Recordati Industria Chimica e Farmaceutica S.p.A.
    2. www.stockopedia.com — RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA | Brief: CVC ...
    3. www.akm.ru — Italian pharmaceutical companies Angelini Pharma and ...
    4. www.cvc.com — Share Information - CVC
    5. www.marketscreener.com — CVC Capital Partners plc: Official Announcements - Stock ...
    6. pharmainfocus.com.au — $17.7B bid to take pharma private
    7. markets.ft.com — Recordati Industria Chimica e Farmaceutica S.p.A.
    8. ig.cvc.com — Investor Presentations – CVC Income & Growth
    confidence 80%

  3. CVC Faces Shareholder Revolt Over Recordati Take-Private

    CVC Capital faces a shareholder revolt as minority investors push back against a take-private and delisting proposal for Recordati. Palliser Capital has issued a letter to Recordati's board of directors urging them to withdraw support for the tender offer, arguing that the proposed pricing is materially undervalued. The British fund contends that the offer price of 51.29 euros per share, launched on August 31, fails to represent a fair valuation for the company. Recordati stock has edged higher following the public challenge from Palliser Capital against the CVC-GBL takeover bid.

    Why it matters

    Take-private transactions involving large private equity firms often trigger friction with minority shareholders regarding valuation fairness. When buyout groups attempt to delist a publicly traded company, institutional investors frequently scrutinize the financial terms to ensure adequate compensation. The intervention by Palliser Capital highlights the growing willingness of activist funds to publicly challenge board-backed buyout offers.

    What is confirmed

    • CVC faces a shareholder revolt over a 10.7 billion euro Recordati take-private and delisting plan.
    • Palliser Capital issued a letter to Recordati's board urging the withdrawal of support on a tender offer it views as materially undervalued.
    • The takeover bid was launched on August 31 at a price of 51.29 euros per share.
    • Recordati stock edged higher as Palliser challenged the CVC takeover offer.

    What to watch next

    • Recordati board response to Palliser Capital's letter
    • Potential adjustments to the CVC-GBL tender offer price
    • Further actions by minority shareholders regarding the delisting
    Sources used for this update (8)
    1. ft.com — CVC faces shareholder revolt over €10.7bn Recordati take-private
    2. Business Wire — Palliser Capital Issues Letter to Recordati’s Board of Directors Urging Withdrawal of Support on Materially Undervalued Tender Offer
    3. marketscreener.com — CVC, shareholders push back against €10.7bn Recordati delisting
    4. marketscreener.com — Certain Recordati Minority Shareholders Raise Concerns Over CVC Capital's Takeover Offer
    5. Finimize — Activist Investor Tells Recordati To Push Back On Takeover Price
    6. marketscreener.com — Palliser Capital urges Recordati's board to withdraw support for CVC-GBL offer
    7. Ad-hoc-news.de — Recordati stock edges higher as Palliser challenges CVC takeover offer
    8. en.ilsole24ore.com — Recordati: Palliser Capital writes to the board urging it to reject the CVC-GBL takeover bid
    confidence 100%
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