Recticel: Greiner's bid undervalues company, ING says

Recticel SA

17/05/2021 10:46

** Austrian foam and plastics firm Greiner AG's takeover bid
for Recticel  RECT.BR  undervalues the Belgian plastics company,
ING says, while KBC Securities says it has no clear visibility
on the bidder's balance sheet
    ** Unlisted Greiner said on Friday it planned to bid 13.50
euros per share in cash for Recticel, a 17.3% premium over the
six-month volume weighted average share price https://bit.ly/2QqH7dW
   
    ** The price implies a discount of more than 10% to
Thursday’s price of 15.12 euros
    ** Greiner also said it had agreed to buy Compagnie du Bois
Sauvage's  CBOS.BR  27.03% stake in Recticel
    ** ING says the offer significantly undervalues Recticel. It
values the remaining shares at 23.5-25 euros
    ** KBC points out that Greiner knows Recticel well as both
companies were previously partners in the Eurofoam flexible
foams joint venture
    ** Recticel shares, which are currently suspended, are due
to resume trading at 12 a.m. (1000 GMT). Among the four analysts
that cover the company, three rate it "strong buy" or "buy" and
one "hold"

 ((anait.miridzhanian@thomsonreuters.com))