The billionaire Recordati family's holding company said the bid of €28 per share for its majority stake in Recordati SpA already includes any dividend that may be paid the group of investment funds controlled by private equity firm CVC Capital Partners Ltd., which agreed to buy the family's stake.
The holding company, Finanziaria Industriale Mobiliare ed Immobiliare SpA — also known as FIMEI — and its shareholders said the bid price will be reduced by the amount of any dividend or other distributions paid for shares in the Milan-based drugmaker after June 29 and until the takeover is completed.
In addition, the €28-per-share price of the mandatory takeover bid offered to the drugmaker's remaining shareholders will have to be aligned, FIMEI said in its press release.
The Recordati family agreed to sell its 51.8% stake in Recordati after a €3 billion acquisition deal June 29. The acquisition is expected to close in the fourth quarter.
CVC Capital will now launch a mandatory takeover bid for the rest of Recordati shares as required by Italian law.