AkzoNobel bidder PPG prepares revised offer - report
21 MAR 2017
PPG Industries [NYSE:PPG] is actively working on a revised takeover offer for Dutch coatings company AkzoNobel [AMS:AKZA], sources familiar with the situation said in a newswire report. The value of the new bid is not known, Bloomberg reported.
Pittsburgh-headquartered PPG earlier this month offered EUR 83 per share or EUR 20.9bn for Akzo but the unsolicited approach was turned down, the report noted.
Elliott Management Corp, a major long-term shareholder in Akzo, has been pressing the business to engage with PPG and consider carefully any new offer, sources cited in the report said.
As previously reported, PPG is expected to offer up to EUR 95 per Akzo Nobel share, according to a report by Dutch daily De Financiële Telegraaf that cited United First Partner, the investment and advisory group.