Higher chance of raised bid after Board's rejection
The main news today was not the Q4 numbers, but rather that the Board issued a recommendation that the shareholders should reject the outstanding bid from Kingspan at SEK 160 per share. According to the Board's statement, the decision was based in part on the current share price, which is 7% above the bid level, and in part on "the company's strategic options given its operational and financial prerequisites as well as the prevailing market conditions". Kingspan can of course now remain content with its 31% of shares and votes in Nordic Waterproofing, although we would argue that the Board's recommendation increases the chance of a raised bid.
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