The share of the insulation group Recticel was suspended on Tuesday morning at the request of the company. Recticel itself again rejects Greiner’s unsolicited offer after a meaningless meeting with the Austrian bidder.
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The Recticel share will remain provisionally suspended until after the shareholders’ meeting. Both an ordinary and an extraordinary shareholders’ meeting is scheduled this morning. Prior to that meeting, the company issued a press release. The message indicates that yesterday’s meeting between Recticel and the uninvited bidder, the Austrian Greiner, was a measure for nothing.
Recticel reiterates that Greiner’s offer of EUR 13.50 per share does not take into account the position and legitimate interests of all stakeholders and significantly undervalues the company. “Recticel has invited Greiner AG to clarify its offer at a meeting with the chairman and CEO of Recticel on May 24, 2021. This meeting has only further confirmed this position,” it reads.
Quid minority shareholders?
Recticel says it is actively exploring its strategic alternatives, including its stand-alone strategy, and will evaluate these alternatives taking into account the interests of all stakeholders, including shareholders, the announcement said. That means that Recticel is open to one or more white knights who want to support growth plans.
Recticel is a kind of sleeping beauty who only recently got her house in order and, after a double battle last year, is committed to growth in the market for technical foams for the automotive sector and building insulation. The bedding department is currently for sale. But the Austrian Greiner, also active in technical foams, has bought the 27 percent stake in Bois Sauvage and wants to acquire Recticel. The Austrians hope to acquire half plus one share with a tight-fisted offer. How they intend to promote the interests of the other shareholders, in whom they appear not to be really interested, from such a position, remains unclear.
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