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HedgeCo.Net \u2014 Palliser Capital said it is opposing the revised \u20ac53-per-share offer for Recordati from Respighi BidCo, the vehicle backed by CVC and Groupe Bruxelles Lambert, describing the bid as best and final while arguing that the price undervalues the Italian pharmaceutical company. According to Palliser’s Business Wire statement and Italian press coverage including Il Sole 24 Ore, the firm will not tender its shares.<\/p>\n
The tender period has been extended to October 23, 2026. Palliser has asked Recordati’s board to clarify by October 16 whether the independent directors unanimously recommend the offer, seeking a clearer public record of the board’s stance as the clock runs on the revised bid.<\/p>\n
Deal coverage has indicated that more than half of Recordati’s shares have already been tendered or are otherwise controlled on the CVC side, which raises the practical bar for opposition even as Palliser presses for a higher outcome or fuller board disclosure. Best-and-final labeling is meant to close the auction; activists often test whether that label still leaves room for negotiation or for minority protections.<\/p>\n
For event-driven managers, Recordati is a classic European take-private setup: a quality specialty pharma asset, a sponsor-led bid with a large strategic co-investor, and a minority holder arguing that the public price does not capture the company’s pipeline and cash-generation profile. The October 16 clarification deadline and October 23 tender end date are the near-term catalysts.<\/p>\n
Allocators should separate Palliser’s valuation critique from the mechanical question of whether the bid can still fail. If majority support already sits with the buyer group, opposition may shape terms, disclosure or squeeze-out dynamics more than it blocks completion. The next few sessions of board communication and tender updates will show which of those paths is more likely.<\/p>\n","protected":false},"excerpt":{"rendered":"
HedgeCo.Net \u2014 Palliser Capital said it is opposing the revised \u20ac53-per-share offer for Recordati from Respighi BidCo, the vehicle backed by CVC and Groupe Bruxelles Lambert, descri\u2026 Continue reading