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Has Recticel finally got everything ready to hold off the Austrian fighter Greiner?
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In May, Greiner bought Bois Sauvage’s (27%) stake in Recticel for EUR 13.50. That happened in all secrecy, behind Recticel’s back.
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The fact that Recticel and Greiner have only spoken to each other once, less than an hour, in all those months makes it clear that Recticel has no interest in Greiner’s advances. Recticel fears that Greiner will cut up the company and sell the insulation division to the Irish Kingspan. Greiner already teamed up with the Irish – behind the back of Recticel, with whom it still had a joint venture at the time – to take Recticel off the stock exchange.
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Strategic Alternatives
Recticel made it clear in May that it was not pleased with the state of affairs and immediately started looking for ‘strategic alternatives’. That search has been going on for several months now.
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The suspension of the share suggests that Recticel is ready to make a counter move. Has a white knight been found who has a higher bid for Recticel in store?
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Or is Recticel taking a different route, disposing of the company’s technical foams department, as a result of which Greiner is no longer interested? In that case, Recticel would continue as a pure isolation player, with the Bedding division also on display.
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Or has Recticel found another solution to keep Greiner out?
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It is not yet clear when Recticel has planned a communication.
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