Akzo Nobel declines third takeover proposal from PPG
09 May, 2017, 01:15 | Author: Valerie Burke
"Specifically, the AkzoNobel chairs stated up front that they did not have the intent nor the authority to negotiate", the PPG statement said.
AkzoNobel said it rejected the latest offer after "considerable in-depth analysis" including talks with PPG's CEO, Michael McGarry.
PPG's proposal represents a 50 percent premium over AkzoNobel's unaffected stock price and 24 percent premium to its stock price after the announcement of its standalone plan.
PPG noted that it had attempted the third and last "friendly" takeover bid, and now has a choice of either triggering a hostile takeover or withdrawing altogether.
Formed in 1994 through the merger of Akzo NV of the Netherlands and Nobel Industries of Sweden, AkzoNobel is a leading coatings company whose key products include automotive coatings, specialised equipment for the auto fix and transportation market and marine coatings.
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Formed in 1994 when Dutch firm Akzo merged with Swedish chemical maker Nobel, the group said the proposed takeover by PPG came with "significant integration risk", and gave no indication as to how it would secure the relevant anti-trust clearances.
"We have a strong track record of delivering on our commitments and are fully focused on accelerating growth momentum and enhanced profitability with the creation of two focused, high-performing businesses, paints and coatings and specialty chemicals, which will lead to a step change in growth and long-term value creation for shareholders and all other stakeholders". An unsolicited bid by PPG would be considered hostile by the company, which has protective measures against hostile takeovers which were adopted in 1926 but have never been tested. No timeline has been set for Akzo's response to PPG.
Elliott Advisors, which holds a 3.25-per cent stake, had teamed up with other institutional investors like asset manager Columbia Threadneedle, Causeway Capital, Franklin Templeton, Henderson, Harris Associates and Southeastern Concentrated Value, all holding a combined more than a 10-per cent stake, to convene an extraordinary shareholders' meeting to oust chairman Antony Burgmans for refusing to enter into talks with PPG.
In a statement, PPG continued to assert that its offer was "vastly superior" to Akzo's plans.Moreover, it lashed out at Akzo management for not really talking over the deal with PPG. Azko's decision to reject its offer ignores the best interest of its stakeholders, PPG added.
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