Akzo to Consider PPG's Sweetened $29 Billion Takeover Offer

Akzo to Consider PPG's Sweetened $29 Billion Takeover Offer

Akzo to Consider PPG's Sweetened $29 Billion Takeover Offer

It is the third time that the Pittsburgh-based company has tabled an offer for Akzo, maker of Dulux paint, and comes one day before the Dutch giant's annual meeting.

It added: "In accordance with its fiduciary duties and acting under the Dutch governance code the board of management and supervisory board of AkzoNobel will carefully review and consider this proposal".

The trans-Atlantic battle between the two paint companies has seen its fair share of drama in recent weeks, thanks it part to Akzo's hedgie shareholder.

The PPG chairman said shareholders will certainly want to know why AkzoNobel executives have refused to meet with PPG ever since the U.S. company launched its first bid for the company in early March. The deal is comprised of cash of €61.50 and 0.357 shares of PPG common stock, values Akzo Nobel at $28.8 billion, PPG said, including the assumption of net debt and minority interests. It has until June 1 to launch a public takeover offer for Akzo.

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Last week, the Amsterdam-based company unveiled plans to spin off its specialist chemicals division either via a sale or a separate listing within the next 12 months, hoping to calm rumblings among shareholders discontent with the rejection of PPG.

Value for the total outstanding equity of AkzoNobel will be approximately 24.6 billion euros ($26.7 billion), under the proposal. The offer is up eight per cent on the previous offer and 17 per cent on the first.

Analysts from Morgan Stanley said it was noteworthy Akzo had not rejected the bid out of hand, and that PPG had made significant concessions - not only on the break fee but also on employment, pension plans, research and development spending and the location of production facilities.

PPG said it had sweetened the offer to €96.75 per share, which is an increase of €6.75 per share.

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