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CVC shares rise 3.3% on Recordati tender offer

CVC shares surged 3.3% after launching a €10.7 billion tender offer for Recordati. RBC analysts explain the deal rationale.

William Thomas
ByWilliam Thomas- Senior Editor
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CVC shares rise 3.3% on Recordati tender offer
Photo: Prepared by Bond.az

CVC shares rose about 3.3% on Friday, their best day since late April, after the firm co-launched a tender offer for Italian drugmaker Recordati.

CVC and Belgian investment firm Groupe Bruxelles Lambert launched a €10.7 billion cash bid to take Recordati private.

RBC analysts cited increased R&D needs and future M&A as rationale for the deal.

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CVC shares rise 3.3% on Recordati tender offer | Bond.az