Kingspan shares rise 3% as it tables bid offer in Nordic Waterproofing

The transaction will require merger approval from the EU Commission, according to the company

Kingspan CEO Gene Murtagh. Picture: Sam Boal/Rollingnews.ie

Kingspan shares rose 3% after the Irish insulation products firm formally tabled a bid offer in Nordic Waterproofing.

Kingspan has offered to purchase the shares it does not already own in the Sweden-headquartered firm for 2.6m Swedish crowns (€230m). 

"It is a great validation of the attractiveness of our offer that so far several of the company's larger shareholders have sold their shares to Kingspan,” said Kingspan chief executive Gene Murtagh.

The offer comes weeks after Kingspan crossed the mandatory bid threshold by purchasing an additional 6.8% of the total number of shares in Nordic Waterproofing. The acquisition brought Kingspan’s shares in the company to almost 31%.

Kingspan said it did not plan any changes regarding Nordic Waterproofing's operations, its management or employees, including employment terms and conditions, as part of the bid.

The acceptance period for the bid is expected to commence around November 23 and expire on February 1, 2024.

The transaction will require merger approval from the EU Commission, according to Kingspan.

Meanwhile, the builders materials company recently confirmed it had entered into informal discussions about a deal with rival Carlisle Companies, but added there was no active engagement between the companies.

“Kingspan has admired Carlisle for many years and, recognising the clear strategic fit, had recent and informal discussions on a potential transaction,” it said.

The Cavan-based company posted €435m in trading profit in the first six months.