Kingspan has had a €700m offer to purchase the insulation and flexible foams sections of a Belgian firm rejected.
Recticel announced that after due consideration it has rejected the offer made by the Co Cavan firm earlier this month to purchase its insulation and flexible foams sections.
A conditional non-binding offer by Kingspan to acquire all of Recticel at €10 per share has also been rejected.
In a statement, Recticel said a sale of the insulation and flexible foam divisions is not in line with their strategy.
They said it raises regulatory risks and negative tax consequences, adding that the Kingspan offer "significantly underestimates the standalone value" of the two sections.
Recticel added that they also have concerns about a planned back-to-back agreement with Austrian firm Greiner on Kingspan's behalf.
The statement concludes that the Recticel board remains open to futures offers.
Recticel manufactures polyurethane laminated boards for thermal building insulation, marketed under the Eurowall, Powerroof, Powerdeck and Powerwall brands.
It also supplies foam blocks or converted foam for the upholstery and furniture markets.
The Kingspan offer related to these two sectors.
Recticel also manufactures mattress and bedding brands and materials for car upholstery.
Kingspan has said it notes the comments and views expressed by Recticel in their statement and has nothing further to add.
Meanwhile, Kingspan's AGM will take place next Friday, 3 May, in Ballsbridge.
