Kremsmunster, Austria – Greiner, a privately owned packaging to foam conglomerate, has signed an agreement to buy 27% of Recticel owned by a major shareholder.
Greiner is also making an offer for the remaining shares of Recticel at the same price of EUR13.5/share. This values 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 that said the deal with Compagnie du Bois Savauge would go ahead unless certain defensive measures were approved by Recticel’s shareholder meeting. Greiner also clarified that its purchase depends on approval from the competition authorities. The Austrian company is believed to be trying to gather support from other shareholders for the deal.
In July 2019, Kingspan attempted to buy Recticel, with a plan to immediately sell Recticel's flexible foam division to Greiner.