Recticel NV has rejected a buyout bid from Greiner AG, with its board of directors saying the offer of 13.50 euros ($16.40) per share is not adequate.
The board says the bid does not address the "legitimate interests" of all stakeholder and substantially undervalues the company.
Kremsmünster, Austria-based Greiner, a maker of construction products and packaging, first expressed interest in buying Brussels-based Recticel, a maker of polyurethane foams used in a range of end products including insulation, bedding and auto interiors, in April 2019.
Following Recticel's annual meeting on May 25, the company issued a news release stating it "will actively review its strategic alternatives including its stand-alone strategy, and will evaluate these alternatives taking into account the interests of all the stakeholders including the shareholders."
The rejection follows a meeting between Recticel's chairman and CEO and representatives from Greiner in Brussels on May 24 at Recticel's request.
Greiner's latest attempt to take over Recticel launched May 17 with the news that it had gained commitment from Recticel's largest shareholder, Compagnie du Bois Sauvage to sell its 28.17 percent holding in the Belgian foamer.
Recticel shares closed at 14.66 euros ($17.96) when trading closed May 24. The Belgium financial regulator suspended share trading on May 25 as the annual meeting began.