Board recommends shareholders to REJECT Kingspan bid
In connection with the Q4 report, Nordic Waterproofing's Board has unanimously recommended the shareholders to REJECT the outstanding SEK 160 per share bid from Kingspan. According to the Board's statement, the decision was based on NWG's current share price (which is above the bid level), and the company's strategic options given its operational and financial prerequisites. In our view, this increases the chance of a raised bid by Kingspan, but as mentioned share is already trading at a premium to the outstanding bid.
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