Deals
Akzo Nobel Rejects PPG's Sweetened, $24 Billion Takeover Bid
- Bid substantially too low, would lead to job cuts, Akzo says
- Shareholder Elliott urges Dutch company to engage with PPG
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Akzo Nobel NV spurned a sweetened, 22.4 billion-euro ($24.2 billion) takeover offer from PPG Industries Inc., marking the second time that Europe’s largest coatings company has rebuffed an overture from its U.S. competitor and sparking criticism from a shareholder.
PPG is offering Akzo holders cash and stock valued at 88.72 euros a share excluding a dividend, the Amsterdam-based company said in a statement Wednesday. The original bid valued the Dutch company at 83 euros a share at the end of February with the dividend and was rejected March 9. Akzo said the latest offer is also too low, not in the interests of shareholders and would lead to job losses. The new proposal doesn’t warrant engaging in discussions with PPG, it said.