PPG Revises Proposal to AkzoNobel
Including the assumption of net debt and minority interests.
PPG recently announced that it made a revised proposal on March 20 to acquire Akzo Nobel N.V. for €90 (~ $97) (cum dividend) per ordinary share. This reportedly represents an increase of €7 (~ $) 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, or $26.3 billion.
PPG was informed that AkzoNobel rejected this latest proposal. To date, the boards of AkzoNobel have not accepted PPG’s multiple invitations to discuss its proposals and negotiate a recommended transaction.
PPG reportedly believes this revised proposal strengthens a very attractive and highly compelling opportunity for both AkzoNobel and PPG, their respective shareholders and other stakeholders, and comprehensively addresses all relevant non-financial matters. PPG continues to believe strongly that a combination of the two companies presents a unique opportunity to build on the heritage and legacies of the respective businesses, and that the combination is in the best interest of both companies’ shareholders and other stakeholders.
“We believe the revised proposal presents an opportunity for AkzoNobel’s shareholders to realize extraordinary value, by any measure, for their shares in AkzoNobel,” said Michael McGarry, chairman and CEO, PPG. “It provides them with a premium valuation and the opportunity to receive substantial and immediate cash consideration and participate in the success of the enterprise through ownership of shares in the combined company.”
For more information, visit www.akzonobel.com or www.ppg.com.
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
