Brussels – Greiner's bid for Recticel has been allowed to proceed by the Belgian authorities, and Greiner has now made a formal offer for Recticel's shares.
Existing Recticel shareholders will be able to sell their shares to Greiner between 14 October and 17 December for EUR13.5 each. To successfully gain control of the diversified Belgian PU company, Greiner will need 50% plus one share.
Austria's Greiner said it expects a decision from the EU's competition authority to be issued by the end of November. It has already achieved approvals from the Serbian and Turkish authorities. If its bid is successful, Recticel will remain listed in Belgium.
Recticel said it does not believe that the offer is financially fair to its shareholders from a financial point of view. This reiterates the position it took in May. Recticel shares closed at EUR14.02 on 6 October 2021.
