AkzoNobel recently announced it has rejected a second unsolicited, non-binding and conditional proposal of March 20 from PPG Industries Inc. for all of the issued and outstanding ordinary shares in the capital of AkzoNobel.
The proposal reportedly not did not reflect the current and future value of AkzoNobel. In addition, it also did not reporteldy address the uncertainties and risks for shareholders and other stakeholders.
“This proposal significantly fails to recognize the value of AkzoNobel,” said Ton Büchner, CEO, AkzoNobel. “Our boards do not believe it is in the best interest of AkzoNobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously.”