Maker of Dulux Paint Rejects $22 Billion Takeover Bid From American Rival -
By CHAD BRAYMARCH 9, 2017
LONDON — Akzo Nobel, the Dutch paint and chemicals company, said on Thursday
that it had rejected an unsolicited takeover offer from PPG Industries that valued it at $22 billion and that would have created an industry giant in a rapidly consolidating sector.
“The proposal is not in the interest of Akzo Nobel’s stakeholders, including its
shareholders, customers and employees, and we have unanimously rejected it.”
Under the terms of the offer, Akzo Nobel investors would have received 54 euros in cash
and 0.3 of a PPG share for each share of Akzo Nobel they hold, equivalent to €83 a share.
