July 2, 2018 / 4:54 PM / 9 months ago

Recordati says CVC offer includes any dividend

MILAN (Reuters) - The offer of 28 euros per share made by a group of investment funds controlled by CVC Capital Partners for a majority stake in Italian drugmaker Recordati (RECI.MI) is to be considered inclusive of any dividend, the company’s main shareholder said.

CVC agreed a deal late on Friday to buy 51.8 percent of Recordati from family financial holding FIMEI in a deal worth about 3 billion euros ($3.5 billion). The price represented a discount of around 18 percent to Friday’s closing price.

Under Italian law CVC will now have to launch a mandatory takeover bid for the rest of Recordati shares.

In a statement on Monday after market close, FIMEI said any dividend distributed by Recordati after June 29 up to the closing of the deal would have to be subtracted.

The share price of the mandatory takeover bid will have to be aligned, FIMEI said.

The transaction is expected to be completed in the last quarter of this year.

Recordati shares on Monday closed down 12.45 percent at 29.8 euros.

Reporting by Stephen Jewkes

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