Vienna, Austria – Greiner, which has a binding agreement to buy shares in Recticel, has found a way to sell them and extract itself from its failed bid for control of the Belgian foamer.
The Austrian company will sell 22.6% of Recticel to Baltisse, a Belgium registered private equity firm. Greiner is obliged to buy 27.3% of Recticel held by Compagnie du Bois Sauvage at EUR13.90/share.
Greiner said that it will buy the shares, and immediately sell the majority of them to Baltisse.
No terms or price for the second transaction have been disclosed, but Greiner confirmed that it plans to fully exit its stake in Recticel.
Axel Kuhner, Greiner's CEO, said: 'This transaction adds value to our group, and we will invest the proceeds in growth projects in our different lines of business while we are moving ahead on our way to become the leading supplier of foam and plastics solutions in Europe and globally.'
Recticel shareholders mobilised to thwart Greiner's unwelcome bid, and the company is splitting itself up. When the process is complete, Recticel will be a rigid foams producer. It is selling most of its mattress business to Aquinos, and its Scandinavian mattress operations and all of its flexible foam production business to Carpenter. All these deals are awaiting regulatory approval.