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Update 6pm: Adds Kingspan making offer for Nordic Waterproofing.
Kingspan Group Plc (OTCPK:KGSPF) said it’s not actively engaging with Carlisle Cos. (NYSE:CSL) after the company had recent and informal discussions on a potential transaction.
“Kingspan has admired Carlisle for many years and, recognizing the clear strategic fit, had recent and informal discussions on a potential transaction,” Kingspan said in a statement on Wednesday. “At present, there is no active engagement. The North American roofing space remains a key area of interest for Kingspan.”
The comments come after Bloomberg reported on Sunday that Carlisle Cos. (CSL) rejected an informal approach to combine with Kingspan (OTCPK:KGSPF). Kingspan, an Irish insulation and construction materials company, proposed a combination with Carlisle (CSL) in recent months.
Separately, Kingspan (OTCPK:KGSPF) announced on Wednesday that it made a mandatory public offerin for Nordic Waterproofing. Kingspan crossed the mandatory bid threshold holding of 30% of Nordic Waterproofing shares and will start a public offer at SEK160 per share, according to a statement. Shares of Carlisle (CSL) fell 1.1% on Wednesday.
The news comes after WestRock (WRK), one of the largest containerboard producers, and Europe’s Smurfit Kappa (OTCPK:SMFTF) signed a definitive agreement on Tuesday to create a $20 billion packaging giant called Smurfit WestRock.
