Recticel NV announced on 16 April that it has received an unsolicited non-binding offer from Kingspan Group Plc to acquire Recticel’s Insulation division and Flexible Foams division for an enterprise value of EUR 700 million on a debt-free, cash-free basis and subject to further price adjustment mechanisms. Recticel said it has taken note of the press release issued on 16 April by Kingspan. Kingspan has indicated that it has entered into a back-to-back agreement with a third party for the disposal of all of the Flexible Foams business. Rectcel said that Kingspan has not provided Recticel with any details, including but not limited to the identity, nature, rationale or consideration to be paid for the flexible foam business, in respect of this third party. Kingspan’s non-binding offer is subject to due diligence satisfactory to Kingspan, agreement on transaction documentation (including a material adverse change clause) and obtaining anti-trust clearance.