Greiner May End Recticel Stake Deal If Holders Thwart Plan

Austrian plastics maker Greiner AG said it has the right to terminate its agreement to purchase Compagnie du Bois Sauvage SA’s 27% stake in Recticel SA if the Belgian foam company’s other shareholders attempt to thwart the deal.

While the deal with Cie. du Bois Sauvage isn’t contingent on the success of Greiner’s plan to make an offer for the rest of Recticel, it may end the arrangement if “certain defensive measures” are approved by Recticel’s shareholders, the Kremsmuenster, Austria-based company said in a statement on Sunday.

Greiner said on Friday that it would start a conditional voluntary public takeover offer to buy Recticel’s outstanding shares at 13.50 euros ($16.39) apiece after reaching an agreement to acquire Cie. du Bois Sauvage’s stake at the same price.

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