PPG Reiterates Invitation To AkzoNobel For Takeover Talks - Quick Facts

(RTTNews) - Coatings and specialty products maker PPG Industries Inc. (PPG) Wednesday reiterated its invitation to Dutch paints and chemicals maker Akzo Nobel N.V. (AKZOY.PK, AKZOY) to enter into discussions to explore PPG's proposal to form a combined company.

In late March, Akzo Nobel had rejected PPG's revised proposal for 90.00 euros (cum dividend) per ordinary share, comprised of cash of 57.50 euros and 0.331 share of PPG common stock.

PPG now said it continues to believe that a combination of the two companies has a strong strategic rationale and presents a highly compelling and unique opportunity for both.

Although AkzoNobel has declined PPG's repeated invitations to meet, PPG remains committed to seeking engagement with AkzoNobel.

PPG believes AkzoNobel should honor growing requests to engage and fully consider all relevant options to create the most value for all of its stakeholders, and benefit from the multiple months of preparation already completed by PPG.

Michael McGarry, PPG Chairman and CEO, said, "The resounding feedback we have received in the Netherlands, the U.K. and the U.S. further validates the merits of combining PPG and AkzoNobel,. We are now even more convinced that this combination is in the best interests of all stakeholders of AkzoNobel."

In accordance with Dutch law, PPG confirms its intention to make a public offer for all the issued and outstanding shares of AkzoNobel. A draft offer memorandum is currently expected to be submitted by PPG to the AFM no later than June 1.