American paint maker PPG raised its offer for AkzoNobel from €90 to €96.75 a share on Monday, ahead of the Dutch firm’s AGM which takes place in Amsterdam on Tuesday.
PGG chief executive Michael McGarry also issued ‘one last invitation to the AkzoNobel boards to work with PPG on creating value for shareholders and other stakeholders of AkzoNobel’, the company said in a statement.
‘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.’
AkzoNobel has twice rejected PGG’s advances and last week announced that it would hive off its special chemicals unit and using the proceeds from the sale to boost its dividend.
The besieged Amsterdam paint and coatings group said the sale of the chemicals unit or an IPO will take place within 12 months and that project teams are already in place.
In a reaction to the renewed offer, AkzoNobel said that it ‘will carefully review and consider’ the proposal.
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