Kremsmunster, Austria – Greiner, a privately owned packaging to foam conglomerate, has signed an agreement to buy 27% of Recticel owned by a major shareholder.
Geriner is also making an offer for the remaining shares of Recticel at the same price of EUR13.5/share valuing Recticel at EUR844m, according to a report from Bloomberg.com on 14 May. Bloomberg said this is a 10.5% discount to the closing price on 13 May. The value of shares in Recticel have increased by 41% this year.
On 16 May Greiner issued a statement which said the deal with Compagnie du Bois Savauge would go ahead unless 'certain defensive measures would be approved by the shareholders meeting of Recticel.' Greiner also clarified that its purchase depends on approval from competition authorities. The Austrian company is believed to be trying to gather support from other shareholders for the deal.
Recticel, which recently bought FoamPartner sold its stake in the Eurofoam joint venture to Greiner in June 2020, and has put its mattress business up for sale as it restructures.
In July 2019, Kingspan attempted to buy Recticel, with a plan to immediately Recticel's flexible foam division to Greiner.
