© BELGAIMAGE
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Austrian plastics manufacturer Greiner is not giving up on plans to acquire foam and insulation producer Recticel. The company maintains that its offer is “the best available proposal to Recticel shareholders,” it said before trading on Wednesday. The offer of EUR 13.50 per share will be open to shareholders as planned from Thursday until December 17.
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mtmSource: BELGIAN
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Recticel itself previously rejected Greiner’s unsolicited offer. The company from Wetteren came up with an alternative scenario on Monday. The “engineered foams” division (industrial foams) would be sold to the American Carpenter for EUR 656 million, and Recticel would concentrate on its insulation activities.
Greiner says in a response to “take note” of those alternative plans. But the Austrians also question it. According to them, Carpenter’s offer for Recticel’s largest division is “highly conditional” and “no prospect is offered for the future development and growth” of what remains of Recticel afterwards.
Greiner therefore remains convinced of his offer that “from a strategic and financial point of view offers a better outcome for all stakeholders of Recticel”. The Austrian plastic manufacturer is therefore continuing the offer. The company already had an agreement with main shareholder Compagnie du Bois Sauvage to take over its stake of just over 27 percent in Recticel.
Share Recticel resumes more than 10 percent higher
Recticel shares rose by more than 10 percent on the Brussels stock exchange on Wednesday after trading was suspended for two days. At around 10.15 am, the foam and insulation producer’s share registered a profit of about 13 percent, to around 16.50 euros.
Trading in the stock was suspended Monday morning. Recticel then came up with an alternative to the unintended takeover bid from the Austrian plastic manufacturer Greiner. Instead, Recticel proposes to sell its main division, “engineered foams”, for EUR 656 million to the American company Carpenter, and to concentrate on its insulation activities.
Greiner announced on Wednesday morning that he would continue his offer of EUR 13.50 per share to fully acquire Recticel. Trading was then resumed on the Brussels stock exchange.
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