PPG Remains Willing To Meet With AkzoNobel To Engage In Meaningful Discussions

(RTTNews) - PPG (PPG) said it has reviewed AkzoNobel's May 8, 2017 response to the company's revised proposal of April 24, 2017 to form a combined company. PPG continues to believe that its proposal is vastly superior in shareholder value creation compared to AkzoNobel's new standalone plan.

"AkzoNobel has chosen not to engage in meaningful discussions, has refused our invitation for a meeting of our respective antitrust counsels and has provided no transparency in concluding its standalone plan is superior to PPG's proposal," said Michael McGarry, PPG Chairman and CEO.

PPG said it remains willing to meet with AkzoNobel to engage in meaningful discussions, but without productive engagement, the company will assess and decide whether or not to pursue an offer for AkzoNobel. PPG said it will continue to examine all of its options and make decisions for the benefit of its shareholders.