Akzo Rejects Second Offer, but PPG Could Slightly Raise Its Bid Again; Maintaining FVEs
Akzo Nobel announced on March 22 that its board has unanimously rejected a second unsolicited acquisition offer of EUR 90 (88.72 adjusted for final dividend) from PPG. While we don't think the transaction would go through at the current offer price, we think PPG could raise its bid to the low to mid EUR 90s to try to entice Akzo's board to the table. Still, we are not sufficiently confident that a deal would be completed at this point, so we are maintaining our stand-alone fair value estimates o...PPG Industries manufactures and distributes a range of paints, coatings and specialty materials. The company's business is comprised of two reportable business segments: Performance Coatings, which primarily supplies a variety of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals, as well as transparencies and transparent armor; and Industrial Coatings, which primarily supplies a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, precipitated silicas and other specialty materials.
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