Pittsburgh, PA–PPG Industries, headquartered here, recently announced that it had made a revised proposal to acquire AkzoNobel for €90.00 per ordinary share, comprised of cash of €57.50 and 0.331 share of PPG common stock. This represents an increase of €7.00 per ordinary share from PPG’s initial offer, which was made in early March of this year. 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 on March 20, 2017 that AkzoNobel rejected this latest proposal. To date, the board of AkzoNobel has not accepted PPG’s multiple invitations to discuss its proposals and negotiate a recommended transaction.
Michael McGarry, Chairman and CEO of PPG, said, “We believe the revised proposal presents an opportunity for AkzoNobel’s shareholders to realize extraordinary value, by any measure, for their shares in AkzoNobel. It provides them with a premium valuation and opportunity to receive substantial and immediate cash consideration and participate in the success of the enterprise through ownership of shares in the combined company.”
In 2012, PPG acquired the North American division of AkzoNobel.
PPG Industries currently operates in over 70 countries, supplying a variety of paints and coatings. Industries that PPG services include aerospace, architectural, automotive, industrial, packaging, protective marine coatings and specialty aftermarket applications.
More information is available by visit www.ppg.com.
Welcome to Miller Wood Trade Publications
For proper viewing, please rotate your device