Statement regarding Kingspan Group plc
Recticel NV announces that, after an initial review of the unsolicited non-binding offer from Kingspan Plc to acquire Recticel’s Insulation division and Flexible Foam division dated April 16, 2019 (the “Offer”), it has found that the Offer is lacking a number of critical information items to allow Recticel’s Board of Directors to make an informed decision thereon, in line with its fiduciary duties. It has therefore submitted today a number of questions and clarification requests to Kingspan Plc.
Recticel’s clarification requests relate in particular to the anti-trust risks associated with Kingspan’s Offer and the mitigation thereof, to the details, including but not limited to the identity, rationale, (inter)conditionality, anti-trust risks and consideration in respect of the nonidentified third party with whom Kingspan has entered into a back-to-back agreement in respect of its Flexible foams division, as well as to some of the implications, including tax and impact on Recticel’s stakeholders, of a potential transaction with Kingspan.
Upon receipt of this information from Kingspan, Recticel’s Board of Directors will further analyse the Offer in line with its fiduciary duties and update the market when appropriate.