Kingspan Group has walked away from further attempts to buy Recticel NV/SA and break it up, according to news reports in United Kingdom and Ireland.
According to The Times of London, CEO Gene Murtagh said the group probably had finished in its pursuit of Recticel. The newspaper reported him as saying "you can take it we've moved on."
Reuters reported Murtagh as saying Recticel's rigid foam business "would have been a nice bolt-on but it wasn't to be."
Kingspan made an unsolicited offer of 700 million euros ($791 million) for Recticel on April 17. The proposed offer included splitting the Belgian company into two units. Germany's Greiner was proposed as the buyer. Greiner is a long term joint venture partner of Recticel through Eurofoam.
The offer was rejected by Recticel on April 26.