PPG Industies Says Revised Takeover Bid Rejected By Akzo Nobel - Quick Facts

(RTTNews) - Coatings and specialty products maker PPG Industries Inc. (PPG) said it made a revised proposal on March 20, 2017 to acquire Dutch paints and chemicals maker Akzo Nobel N.V. (AKZOY.PK, AKZOY) for 90.00 euros (cum dividend) per ordinary share, comprised of cash of 57.50 euros and 0.331 share of PPG common stock.

This represents an increase of 7.00 euros per ordinary share from PPG's initial offer. Including the assumption of net debt and minority interests, the proposed transaction is valued at approximately 24.5 billion euros, or $26.3 billion.

PPG noted that it's revised proposal reflects annual run rate synergies of at least $750 million, which could be achieved from a combination of the two companies.

However, PPG added it was informed that AkzoNobel has rejected this latest proposal. The company noted that to date, the boards of AkzoNobel have not accepted PPG's multiple invitations to discuss its proposals and negotiate a recommended transaction.

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