AkzoNobel (AEX: AKZA) has denied a second takeover attempt from US rival PPG (NYSE: PPG), which submitted an improved offer after AkzoNobel rejected its initial entreaty earlier this month. But the saga appears to be ongoing, as shareholders are urging the Dutch maker of paints, coatings and chemicals to reconsider PPG's bid, according to Reuters.
PPG's latest proposal was to pay €90 per AkzoNobel share in a mix of cash and stock, representing a transaction valued at approximately €24.5 billion, including the assumption of debt. The revised price reflects an increase of €7 per share from PPG’s initial offer and represents a 40% premium to AkzoNobel's closing share price March 8.
Elliot Advisors and Columbia Threadneedle are reportedly among the AkzoNobel shareholders imploring the company to reconsider an offer that could create some $750 million in synergies, despite AkzoNobel's assertion that the possible tie-up would represent too many antitrust issues and undervalues its business. But AkzoNobel may have already moved on. After rejecting PPG the first time around, AkzoNobel decided to shop its €4.8 billion specialty chemicals business. AkzoNobel stock closed down 1% on Wednesday.