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Tap here. A heavy-hitting buyout consortium led by private equity titan CVC Capital Partners and Belgium’s Groupe Bruxelles Lambert (GBL) has launched a €10.73 billion (about $12.47 billion) cash bid to take Italian pharmaceutical group Recordati private. The voluntary tender offer aims to fully delist the 100-year-old company from Euronext Milan, allowing private equity players to pursue highly profitable rare-disease portfolios and dealmaking pipelines away from the short-term glare and volatility of public equity markets.
WHAT HAPPENED The bid, formalized this Friday, settles months of speculation that began when CVC first lobbed a nonbinding expression of interest to Recordati’s board in March. The consortium is offering €51.29 in cash per share. When factoring in a €0.71 dividend that the Milan-listed laboratory paid out earlier this week, the total economic package values the transaction at an implied €52 per share.