CVC, GBL hold 74.3% of Italian drugmaker Recordati at end of takeover offer period

MILAN, Oct 23 (Reuters) - CVC and Belgian investment firm GBL, which this month raised their bid for Italian pharmaceutical group Recordati to €53 a share, had secured a 74.3% stake in the firm by the end of the offer period, a regulatory filing showed on Friday.

• That put the consortium above the 66.7% minimum acceptance threshold they had set for the offer — which values Recordati at around €11 billion — but short of the 90% level required to delist the drugmaker

• The Italian Stock Exchange said on Friday investors had tendered Recordati shares to the bidding consortium for a 62.15% stake

• That adds to a further 6.9% stake acquired by CVC on the market, GBL's 3.3% holding and an additional 1.96% stake obtained by CVC through the exercise of derivatives

• The bidders will reopen the offer between November 3 and 9

• Their vehicle has said that, should the 90% threshold not be reached, it could pursue a merger with Recordati, leaving minority shareholders with stock in an unlisted company

• Recordati owns treasury shares for around 0.5% of its capital, according to a financial source

(Reporting by Elisa Anzolin and Giulio Piovaccari; Editing by Jan Harvey)