Coatings and paints group AkzoNobel has rejected out of hand the expected second sweetened takeover bid by its US rival PPG Industries.
PPG offered €88.72 per share which equates to €22.4bn, €1.5bn more than its first bid for AkzoNobel on 2 March.
AkzoNobel again termed PPG’s offer ‘too low and too risky’ and said it substantially undervalues the company.
‘The proposal not only fails to reflect the current and future value of AkzoNobel, it also neglects to address the significant uncertainties and risks for shareholders and other stakeholders,’ AkzoNobel said in a statement.
In addition, AkzoNobel said PPG would have to take on large debt to finance the acquisition and that competition authories around the world put up hurdles as well.
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