CVC faces minority revolt over Recordati delisting price

CVC’s €51.29-a-share bid to take Recordati private, valuing the company at about €10.7bn, has sparked opposition from minority investors and a split board, with independent directors arguing the offer undervalues the company and pressures holders to tender. CVC says the premium reflects Recordati’s complex structure and risks around its blockbuster rare-disease drugs. With six minority shareholders and Palliser Capital voicing concerns, the deal faces questions over valuation, governance, and whether CVC can reach the 90% threshold to squeeze out remaining holders; if not, the firm may pursue a delisting via merger or other exit options and could consider alternative sale routes.