PPG Industries is holding all its options open in its attempt to acquire its Dutch peer AkzoNobel, the US paints group chairman Michael McGarry said at a press conference on Tuesday morning, the Telegraaf reported.
McGarry said that no AkzoNobel shareholder supported the company’s stand-alone proposal. He reiterated he had never seen such animosity between a company and its shareholders as he had seen at Amsterdam company court on Monday.
The court was meeting to hear AkzoNobel shareholder Elliott Advisors call for the removal of supervisory board chairman Antony Burgmans. Elliott’s demand is backed by other shareholders representing 18% of AkzoNobel shares.
The decision will be announced on Monday 29 May after the close of trading.
McGarry said he would wait until the verdict was heard before making his next move, saying only that PPG remained interested in buying AkzoNobel.
He is also seeking to buy time. Dutch bourse watchdog AFM has given PPG until 1 June to make a firm offer for AkzoNobel or lose its rights to make a bid. McGarry has asked the AFM To extend that date by three weeks to allow PPG to ready its next move.
Akzo Nobel has already turned down three offers made by PPG, the latest was for €26.9bn.
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