PPG Raises Offer for AkzoNobel Again, Giving AkzoNobel’s Board Final Chance to Engage
PPG raised its offer for AkzoNobel to EUR 96.75 per share on April 24, the high end of our previously expected low-to-mid EUR 90s range. Akzo’s board has rejected PPG’s prior two offers without engaging in discussions, and PPG now says that this is its last invitation for AkzoNobel’s board to come to the table. With this new offer, PPG is willing to commit to a significant reverse break-up fee to demonstrate its confidence in overcoming antitrust hurdles. The latest offer represents a 8% increas...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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