The stock market watchdog FSMA has approved the prospectus of the Austrian group Greiner on the insulation group Recticel. The offer, which is still conditional, will start next Thursday and will run until mid-December.
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KBC Securities says that the offer price of EUR 13.50 per share that Greiner is proposing is not fair to Recticel’s shareholders. KBC Securities gave its opinion on this at the request of the board of directors of Recticel.
Recticel states that it will continue to review its strategic alternatives, taking into account all stakeholders. Behind the back of Recticel, the Greiner group acquired a 27 percent stake in the industrial company by purchasing a shareholding from the holding Bois Sauvage, at 13.50 euros per share.
Therefore, Greiner is legally obliged to give all shareholders the opportunity to exit at that price. But on the stock exchange, Recticel is structurally above that price. Recticel itself, now supported by KBC Securities, thinks the price is too low. Analysts of ING previously announced that they even considered 23.50 euros per share responsible. (DS 26 mei)
The clock is ticking
The board of directors of Recticel still has to make a decision on the approved prospectus in a next phase. He has five days to formulate an answer to the stock market watchdog, which must then check whether that answer meets all legal requirements. Greiner’s offer is conditional. One of the conditions is that the European competition authority is not difficult.
In any case, the start of the offer means that the clock is ticking in terms of strategic alternatives.
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