AkzoNobel Board Rejects PPG's Revised Proposal - Quick Facts

(RTTNews) - AkzoNobel N.V. (AKZOY.PK, AKZOY) announced it has rejected a second unsolicited, non-binding and conditional proposal of 20 March from PPG Industries Inc. for all of the issued and outstanding ordinary shares in the capital of AkzoNobel. The revised proposal represents a value of 88.72 euros (adjusted for final dividend) consisting of 56.22 euros (adjusted for final dividend) in cash and 0.331 PPG shares, as at 20 March 2017, per AkzoNobel share.

AkzoNobel said the proposal does not address the concerns expressed by the Boards in their initial rejection of 9 March 2017. The company said the revised proposal is not in the best interests of shareholders and will lead to significant job cuts.