Kremsmunster, Austria – Greiner, the Austrian conglomerate, is to extend its unsolicited bid for Recticel, despite the results of last week's Recticel EGM that approved selling its technical foams business to Carpenter.
There has been no change to the offer price of EUR13.50/share.
Greiner today issued a supplement to its offer for Recticel, and said it wants to get into the insulation foam market. 'It is an attractive business with further consolidation potential that the company will gain access to for the first time through the offer.'
It added that Recticel's insulation business has a compelling exposure to the growing demand for increased energy efficiency. Greiner added that it wants to understand the opportunities within the market in a collaborative approach with Recticel.
Greiner said it has no agreement with any other parties regarding the sale of insulation, nor are there any discussions. ‘[We have] an open mind on how to further develop the business,' it said.
Greiner has formally extended the offer period to 7 January 2022, with the results published a week later. If Greiner succeeds in buying 50%+1 or more shares in Recticel, then the initial payment date will be 18 January. If Greiner gains 90% of Recticel's share, it can forcibly buy the hold-outs’ shares by 8 March 2022.
Greiner added that it will continue to work with the European Commission in its investigation into whether there are anti-competition implications for its proposed takeover of Recticel.
The extension was made after Recticel called a second EGM on 24 December 2021 to ask shareholders to approve the sale of most of its bedding business to Aquinos.