Greiner AG: Update on the planned takeover of Recticel SA | Plastics industry | Industry sectors

Greiner AG announces today that, after carefully examining its options regarding the conditional voluntary public takeover offer for Recticel SA (Euronext: REC), it will not give up the conditions precedent (1) the granting of the official approvals of phase I by the European Commission and (2) require the tender of at least 23% of the total number of Recticel shares (in addition to the 27% affected by the share purchase agreement with Compagnie du Bois Sauvage). This leads to the fact that the offer to the Recticel shareholders expires. By January 7, 2022, the end of the preliminary acceptance period for Greiner’s conditional voluntary takeover offer, 92,839 shares had been tendered, which corresponds to 0.17% of the total number of shares in Recticel SA. Due to the expiry of the offer, Greiner AG will not acquire any shares as part of the offer.

Regardless of the offer that has expired, Greiner continues to work constructively with the European Commission on the ongoing phase II investigation. Greiner could terminate its share purchase agreement with Compagnie du Bois Sauvage following the approval of Recticel shareholders to sell engineered foams. However, Greiner is also exploring other options to maximize the value of its stake in Recticel, which it intends to acquire under the share purchase agreement with Compagnie du Bois Sauvage. For the time being, Compagnie du Bois Sauvage will hold the shares and exercise the voting rights in Recticel associated with the shares.

Axel Kühner, CEO of Greiner AG, said: “We believe that if our two companies combined, our offering would have created significant value for shareholders and all stakeholders. Greiner is ideally positioned to grow and remains committed to being the leading provider of foam and plastic solutions in To become Europe and worldwide. We will now examine options for participating in Recticel to maximize the value of our investment. ”


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