Kingspan shares fall after board of Nordic Weatherproofing rejects €230m takeover offer

The Swedish materials company said the takeover offer made by Kingspan last October represented a discount on the group’s current share price

Gene Murtagh, Kingspan chief executive. ‘We have admired Nordic Waterproofing for some time due to its strong product and service offering across the Nordic region.’ Picture: Naoise Culhane

Kingspan, the insulation and materials giant, has hit a roadblock in its bid to acquire full control of Nordic Waterproofing, a manufacturer of waterproofing materials for buildings and infrastructure, after the Swedish company’s board recommended shareholders vote against the deal.

In October last year, Kingspan tabled a €230 million offer to acquire the remaining 70 per cent stake in Nordic Waterproofing after its minority shareholding in the business crossed the 30 per cent mark. The ...