PPG again raises bid for Akzo

by Ben Pena April 25, 2017, 12:58
PPG again raises bid for Akzo

Professor John Colley, of Warwick Business School, said PPG's new offer has given AkzoNobel little option but to engage.

McGarry said given the support from Akzo Nobel's shareholders for a deal, PPG meant to submit a formal offer for Akzo Nobel shares by June 1, regardless of whether its boards have agreed to talks by that time.

AkzoNobel has twice rejected PGG's advances and last week announced that it would hive off its special chemicals unit and using the proceeds from the sale to boost its dividend.

While Akzo said then the plan had "substantially fewer risks, uncertainties and social costs" and being acquired, PPG countered on Monday that the separation would create two "unproven standalone companies with uncertain market valuations and substantial risks".

PPG said the spinoff plan "clearly fails to meet the additional growth opportunities that will be available to all employees of the much larger combined company". Akzo's shares closed up five per cent at €81.93.

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Columbia Threadneedle Investments, a top-20 investor in Akzo with a 0.77 percent stake, said in a statement Akzo's boards had "no room for excuses now and must enter into proper discussions with PPG".

PPG's newest bid raises the price from 90 euros to 96.75 euros per share including a dividend.

That's a 50 percent premium to Akzo's closing price of 64.42 on March 8, the day before PPG confirmed it had made a proposal to buy Akzo at 80 euros per share.

"Boards have very different interests to shareholders", he added.

Amsterdam-based Akzo has rebuffed two prior unsolicited offers from PPG saying they undervalued the Dutch company. Its latest merger proposal includes commitments to divest assets to satisfy antitrust concerns and not to relocate any of Akzo's European production plants to the U.S.


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