AkzoNobel Says Reviews And Considers PPG's Revised Proposal

(RTTNews) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS, AKZOY) confirmed Monday that it has received a third unsolicited and conditional proposal from PPG for all outstanding share capital of the company. AkzoNobel noted that it will carefully review and consider this proposal.

Earlier today, PPG Industries Inc. said it has submitted a revised proposal for a combination with Dutch paints and chemicals maker AkzoNobel that includes increased price of 96.75 euros per AkzoNobel ordinary share, cum dividend, an increase of 6.75 euros per share.

In the comprehensive proposal letter, PPG said its increased price is comprised of cash of 61.50 euros and 0.357 shares of PPG common stock. Including the assumption of net debt and minority interests, the proposed transaction is now valued at approximately 26.9 billion euros, or $28.8 billion.

PPG's revised proposal represents an increase of 6.75 euros, or 8%, over its prior proposal on March 22 and 13.75 euros, or 17%, over original proposal on March 2.