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Carlisle rebuffs Kingspan Group's proposal for tie-up -Bloomberg News

Reuters
·1-min read

(Reuters) - Construction materials manufacturer Carlisle Companies has rebuffed Ireland-based Kingspan Group's informal approach to combine the companies, Bloomberg News reported on Sunday.

Kingspan had proposed a deal in recent months, which Scottsdale, Arizona-based Carlisle rejected, but Carlisle signaled it would be open to at least reviewing a more attractive offer, the report said, citing people familiar with the matter.

Kingspan is not working on a formal takeover bid currently, the report said, adding that it could trigger fresh interest from the Irish company as well as other building materials rivals if Carlisle did explore a sale.

Kingspan did not immediately respond to a Reuters request for comment. Carlisle could not be immediately reached for a comment.

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As on Friday, the market capitalization of Kingspan Group and Carlisle was 13.4 billion euros ($14.34 billion) and $12.55 billion respectively.

($1 = 0.9347 euros)

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie Adler and Will Dunham)