Tags: EU | Netherlands | AkzoNobel | PPG

AkzoNobel Rejects 3rd PPG Industries Takeover Bid

Monday, 08 May 2017 05:36 AM

THE HAGUE, Netherlands (AP) — Dutch industrial paints and chemicals company AkzoNobel has rejected a third unsolicited takeover bid from American rival PPG Industries, saying it is not in the interests of shareholders.

In a statement Monday, AkzoNobel says its plan, announced last month, to spin off its Specialty Chemicals unit within 12 months to boost growth "offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders."

AkzoNobel announced the shakeup after rejecting two earlier PPG bids, saying they undervalued the company.

Last month, PPG Industries upped the ante again with a third bid for AkzoNobel; a cash-and-stock deal valued at about $28.8 billion.

AkzoNobel says it rejected the latest offer after "considerable in-depth analysis" including talks with PPG's CEO Michael McGarry.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
Dutch industrial paints and chemicals company AkzoNobel has rejected a third unsolicited takeover bid from American rival PPG Industries, saying it is not in the interests of shareholders.In a statement Monday, AkzoNobel says its plan, announced last month, to spin off its...
EU,Netherlands,AkzoNobel,PPG
133
2017-36-08
Monday, 08 May 2017 05:36 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved