Special Shareholders Meeting authorises the sale of the Bedding business to Aquinos, as proposed by the Board of Directors
At the Special Shareholders Meeting of Recticel, which took place today, all proposed resolutions regarding the sale of the Bedding business line to the Portuguese company Aquinos were approved. 65.70% of all outstanding shares were present or represented.
The shareholders authorised the proposed sale of the Bedding business by the Company to Aquinos Industry, SGPS, SA for a cash consideration based on an enterprise value of EUR 122.4 million on a cash and debt free basis, whereby the equity price will be determined on the basis of the actual net financial debt position and working capital position at completion of the transaction.
Of the votes casted 99.99% were in favour and 0.01% were against.
The shareholders also granted the power to the Board of Directors to negotiate, agree and execute the share purchase agreements and any other related transaction agreements, determine the final equity purchase price based on the net financial debt and the working capital position and any other terms and conditions for the sale, and to sign any further documents and perform any further acts that are required for the implementation of the proposed sale, including the carve-out of the Bedding business.
The transaction is expected to be closed in the course of the first quarter of 2022.