AkzoNobel PPG splashes out for third bid for Dutch paintmaker
12:56, Apr 25, 2017
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USA chemicals giant PPG Industries has upped the ante in its takeover pursuit of AkzoNobel by sweetening its offer for a second time.
It said in a statement Monday that it "will carefully review and consider this proposal" which it said was "a third unsolicited and conditional proposal" from PPG.
Shares in Amsterdam-listed Akzo rose 5%. 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.
The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with Pittsburg-based PPG. It has until June 1 to launch a public takeover offer for Akzo.
The new proposal offered to buy all shares at some 96.75 euros per share, an increase of 6.75 euros on its last bid on March 21.
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Value for the total outstanding equity of AkzoNobel will be approximately 24.6 billion euros ($26.7 billion), under the proposal. The CEO announced a plan last week to split the company in two and reward shareholders with a higher dividend, saying it offered more value than PPG's offer.
'Our revised proposal represents a second substantial increase in price along with significant and highly specific commitments that we are confident Akzo Nobel's stakeholders will find compelling'.
Buoyed by stronger-than-expected first-quarter profits, AkzoNobel chief executive Ton Buchner valued the chemicals division at between eight and 12 billion euros.
In an interview just after again raising the USA company's offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday's shareholders' meeting.
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".
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