Brussels – Greiner, the Austrian biotech-to-extrusion machinery conglomerate, has formally published its cash offer of EUR13.50/share with the Belgian Financial Services and Markets Authority.
It makes clear that the offer is for all the shares traded on the Euronext Brussels stock market, and subscription rights typically issued through stock options and staff share schemes.
The offer is conditional on competition authorities, the performance of the Euronext stock market, and nothing coming to light that significantly reduces the value of Recticel. Greiner added that its offer does not account for the value of Recticel's dividend.
Recticel responded separately. The company points out that Greiner's offer does not account for Recticel's recently uprated sales and EBITDA guidance. The Belgian company forecast its sales in 2021 would be 41% higher in 2021 than in 2020.
Recticel added that the filing was made before its board, and Greiner is scheduled to meet on Monday 24 May to discuss the proposal. Recticel said it would respond publicly to the offer after that meeting.