Business Irish

Wednesday 19 June 2019

Kingspan may place fresh offer for Recticel

Kingspan CEO Gene Murtagh
Kingspan CEO Gene Murtagh
Samantha McCaughren

Samantha McCaughren

Kingspan is likely to make another attempt to buy Belgian peer Recticel, according to market sources.

Recticel rebuffed an offer from Kingspan last week, saying the offer "significantly underestimates" the standalone value of the insulation and flexible foams businesses.

The board of Recticel added that, were the deal to go through, it would render the company "an unattractive proposition" for shareholders and employees.

Kingspan, headed by chief executive Gene Murtagh, responded to the news with a very brief statement saying "it notes the statement from Recticel earlier today.

"We note the comments and views expressed and have nothing further to add".

Market sources believe that Kingspan is the most obvious suitor for the company and would be the buyer which could ultimately offer the best price given the synergies it could achieve in such a deal.

It is the second time that Kingspan has approached the company, having previously offered €240m for its insulation business in 2011.

Sunday Indo Business

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