Recticel soars on Carpenter's binding offer for its foam business

Recticel SA

13/10/2021 09:24

** Shares in Recticel  RECT.BR  jump over 12% following a
binding offer it received from U.S.-based foam producer
Carpenter Co. for its engineered foams business  urn:newsml:reuters.com:*:nFWN2R718H
    ** Carpenter's offer is based on an enterprise value of 656
million euros, representing about 11.65 euros per share on a
fully diluted basis 
    ** Recticel has previously said that Greiner's bid on its
outstanding shares was not in the interest of shareholders and
significantly undervalued the company  urn:newsml:reuters.com:*:nL8N2R33MG
    ** ING points out that Carpenter's bid on engineered foams
business offers certainty on a better offer and provides
investors with a floor valuation
    ** "Taking into account the unchanged offer from Greiner, we
believe there is significant more value to be extracted for
Recticel shareholders if they vote in favour of the sale to
Carpenter", KBC Securities says, flagging Greiner can still
increase its bid price
    ** However, Greiner acquiring more than 30% and then having
the freedom to purchase additional shares in the market was not
appealing as it would have limited firm's strategic options -
KBC
    ** Shares are heading for their best day since last May

 (Reporting by Anait Miridzhanian and Kate Entringer)
 ((anait.miridzhanian@thomsonreuters.com;
kate.entringer@thomsonreuters.com))