PPG Again Raises Bid For Akzo Nobel -- Update
24 April 2017 - 10:15PM
Dow Jones News
By Austen Hufford
PPG Industries Inc. again boosted its offer price for Dutch
paint and chemicals maker Akzo Nobel NV, extending the two
companies' monthslong takeover battle.
PPG increased its cash-and-share bid to acquire Akzo Nobel to
EUR96.75 (about $105.05) a share from EUR88.72. The latest offer
values Akzo at about EUR24.6 billion, up from about EUR22.4
billion.
Akzo said it would review and consider the latest proposal. In
response to PPG's previous offer, Akzo said last week that it had
boosted its dividend payouts to shareholders and set a timeline for
the separation of its specialty-chemicals division as it looked to
create value.
Monday, in a letter to Akzo, PPG said its latest offer
represents "one last invitation" for Akzo to reconsider its
previous denials.
Some of Akzo's largest investors, including activist investor
Elliott Management Corp., have been pushing the Amsterdam-based
company to engage in negotiations with Pittsburgh-based PPG.
In its latest letter, PPG also promised to maintain Akzo's ties
to the Netherlands, including by dual-listing the combined stock in
New York and Amsterdam and committing to not relocating any of
Akzo's production facilities in Europe to the U.S.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 24, 2017 08:00 ET (12:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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