Carlisle rebuffs Kingspan Group's proposal for tie-up -Bloomberg News (updated)

Carlisle Companies

10/09/2023 21:59

(Adds Kingspan not working on formal takeover bid, paragraph 3,
background, paragraphs 5-6)
       Sept 10 (Reuters) - Construction materials manufacturer
Carlisle Companies  CSL.N   has rebuffed Ireland-based Kingspan
Group's  KSP.I  informal approach to combine the companies,
Bloomberg News reported on Sunday.
    Kingspan had proposed a deal in recent months, which
Scottsdale, Arizona-based Carlisle rejected, but Carlisle
signaled it would be open to at least reviewing a more
attractive offer, the report said, citing people familiar with
the matter.
    Kingspan is not working on a formal takeover bid currently,
the report said, adding that it could trigger fresh interest
from the Irish company as well as other building materials
rivals if Carlisle did explore a sale.
    Kingspan did not immediately respond to a Reuters request
for comment. Carlisle could not be immediately reached for a
comment.
    As on Friday, the market capitalization of Kingspan Group
and Carlisle was 13.4 billion euros ($14.34 billion) and $12.55
billion respectively.

($1 = 0.9347 euros)

 (Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie
Adler and Will Dunham)
 ((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))