Belgian PVC systems manufacturer Deceuninck is the subject of a mandatory public cash takeover bid after Gramo BV increased its shareholding beyond the 30% threshold required under Belgian takeover legislation.
Gramo BV, the investment vehicle controlled by Francis Van Eeckhout, formally launched its mandatory offer on 15 July following regulatory approval of the bid documentation. The offer is for all outstanding voting securities in Deceuninck that are not already owned by Gramo or its affiliated persons.
The mandatory bid was triggered after the exercise of 1,050,000 warrants on 11 June 2026, increasing Gramo’s holding from 29.99% to 30.52% of Deceuninck’s issued share capital. Under Belgian takeover rules, crossing the 30% ownership threshold obliges the shareholder to make an offer for the remaining shares.
The cash offer has been set at €2.11 per share and applies to approximately 96.99 million shares representing 69.48% of Deceuninck’s share capital that are not already held by Gramo and its affiliated persons. The offer also covers outstanding warrants, with their valuation to be detailed in the approved prospectus.
According to the offer documentation, the bid is unconditional. Gramo has also stated that it does not intend to voluntarily reopen the offer or subsequently launch a simplified squeeze-out procedure following completion of the transaction.
Deceuninck first acknowledged the impending mandatory offer on 9 June after confirming that the warrant exercise would take Gramo’s shareholding above the statutory threshold. At that time, the company said its board of directors would prepare a formal response memorandum once it had received the bidder’s prospectus, in accordance with Belgian takeover regulations.
The offer is being conducted under the supervision of Belgium’s Financial Services and Markets Authority (FSMA), which published the formal notification of the bid after receiving Gramo’s intention to launch the mandatory offer.
Deceuninck, headquartered in Hooglede, Belgium, is one of Europe’s largest PVC window and door systems manufacturers, supplying profile systems across Europe, North America, Turkey, and emerging markets.
Read the Deceuninck press release here: https://www.deceuninck.com/wp-content/uploads/2026/07/Gramo-BV-press-release-launch-bid-ENG.pdf
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