Recordati (AO) | Buy | Voluntary cash tender offer at EUR51.29 per share

Research evidence excerpt

Recordati (AO) | Buy | Voluntary cash tender offer at EUR51.29 per share

; 3) increased R&D investment 4) longer-term strategic flexibility under private

ownership.

The press release argues that remaining public may expose shareholders to: 1) market volatility; 2) macroeconomic uncertainty;

and 3) execution risks associated with future growth initiatives.

A brief recap of the history between CVC and Recordati

CVC a shareholder since 2018. Reportedly seeking an exit since mid-2024

CVC acquired a majority stake in Recordati (c. 51.8%) in 2018, directly from the Recordati family, at a price of EUR 28.0 per share,

below the then market price (c. EUR 34.0).

Following the transaction, CVC had to launch a mandatory tender offer on the remaining share capital. The offer period started in

early 2019 and virtually no shares were tendered, leaving CVC with c. 52% of the capital and the company still listed.

In mid-2024, press reports indicated that CVC was exploring an exit. A potential combination with Angelini (a privately owned

Italian pharmaceutical company) was mentioned as one option. According to the press, CVC also approached other private equity

firms and sovereign wealth funds.

The first step toward a potential exit took place in February 2025, when CVC sold c. 5% of Recordati’s share capital via an

accelerated bookbuilding at EUR55.7 per share.

Since then, the share price has been under pressure due to expectations of further sell-downs. Positive business momentum,

supported by an improved outlook for the key orphan drug Isturisa, has not been sufficient to reverse the trend.

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