PPG Revises Takeover Proposal To AkzoNobel; Offer Now Values $28.8 Bln

(RTTNews) - PPG Industries Inc. (PPG) Monday said it has submitted a revised proposal for a combination with Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS; AKZOY) 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 our prior proposal on March 22 and 13.75 euros, or 17%, over original proposal on March 2.

PPG believes its revised proposal is vastly superior to AkzoNobel's new standalone plan, as articulated on April 19.

In the letter, PPG Chairman and Chief Executive Officer Michael McGarry said, "We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel's stakeholders. Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel's stakeholders will find compelling."