Brussels – Greiner has responded to the news that Recticel received an unconditional bid for its flexible foam business from Carpenter.
Greiner said it believes the offer from Carpenter does not offer good value to Recticel shareholders.
Greiner, which is offering EUR 13.50/share, said in a note to shareholders that it believes that Recticel's total value could be EUR1.17bn, or EUR20.8/share, assuming customary trading multiples for the insulation and bedding division. ‘Greiner's bid implies an enterprise value for the engineered foams division of Recticel in line with Carpenter's conditional offer.'
Recticel replied that the offer from Carpenter is unconditional, binding, and only depends on regulatory and shareholder approval. It is a cash offer which is free of debt, Recticel said.