Brussels – Recticel's directors have rejected Greiner's bid of EUR13.50/share because, they said, it does not address the position and legitimate interests of all the stakeholders, and substantially undervalues the company.
Recticel said in a press release that it 'will actively review its strategic alternatives including its stand-alone strategy, and will evaluate these alternatives taking into account the interests of all the stakeholders including the shareholders'.
The rejection follows a meeting between Recticel's chairman and CEO and representatives from Greiner in Brussels on 24 May at Recticel's request.
Greiner launched the bid for the company on 17 May with the news that it had gained commitment from Recticel's largest shareholder Compagnie du Bois Sauvage to sell its 28.17% holding in the Belgian foamer.
Recticel shares closed at EUR14.66 when trading closed on 24 May 2021. The Belgium financial regulator suspended share trading at 09:00 on 25 May.
UPDATE: 16:30 BST
Trading resumed at 16:45 CET after Recticel issued announced the results of its AGM and the subsequent EGM which followed directly afterwards.
Shareholders agreed with all of the motions put before the AGM and the EGM with one exception. The EGM rejected proposals to increase the number of Recticel shares. This would have required 75% of shareholders to vote for the motion and is why Greiner made its move on Recticel when it did.