Brussels – Recticel has rejected Kingspan's EUR 700m offer to buy it and break it up. The offer is 'not in the interest of its stakeholders', said Recticel's board in a brief announcement this morning. It came at 0650 CET, before the EuroNext stock market opened in Brussels.
Recticel said: 'After due consideration, in line with its fiduciary duties, of the unsolicited non-binding offer from Kingspan Plc to acquire Recticel’s Insulation and Flexible Foams divisions dated April 16, 2019 (the “FF/I Offer”), its Board of Directors (the “Board”) has unanimously decided to reject the FF/I Offer... it is not in the interest of its stakeholders to engage with Kingspan in this respect.'
Kingspan has been on the acquisition trail lately, spending more than EUR 620m for 10 acquisitions over the past two years, and made the offer earlier this month. Last week Recticel asked Kingspan for more information. Later, it emerged that Greiner would have first refusal on Recticel's flexible foam assets if the Kingspan bid were successful.
At 0715 this morning, Kingspan made this announcement: 'Kingspan notes the statement from Recticel earlier today. We note the comments and views expressed and have nothing further to add.'
According to information available on EuroNext and through Recticel, there has been no change in the shareholding pattern at Recticel since Kingspan made its offer. In total, 66% of Recticel’s shares are freely floating and owned predominantly by people with under 3% of the company. The largest shareholding block is owned by the Compagnie du Bois Sauvage with 28.17%. BNP Paribas Investment Partners and KBC Asset Management each own 3.1% of the company.
At publication, Recticel shares were trading at EUR 9.22 up EUR 0.44 since the market opened.
