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Thu May 23 2019

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Recticel rejects Kingspan takeover bid

26 Apr Belgian manufacturer Recticel has turned down an unsolicited takeover bid from Kingspan for its insulation and flexible foams divisions.

Kingspan wanted Recticel's insulation board business
Kingspan wanted Recticel's insulation board business

Earlier this month Irish building panel manufacturer Kingspan offered Recticel €700m for its insulation and flexible foams divisions. Kingspan’s plan was to sell on the flexible foams business and just keep Recticel’s insulation boards. [See our previous report here.]

Having given the offer due consideration, the board of Recticel has now turned the offer down. It said that its directors had unanimously decided to reject the offer “as it believes that it is not in the interest of its stakeholders to engage with Kingspan in this respect”.

In response, Kingspan said: “We note the comments and views expressed and have nothing further to add.”

MPU

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