PPG Increases Bid For Akzo Nobel, Commits to 'Significant' Break-Up Free

The potential tie-up is now valued at 26.9 billion euro

The potential tie-up is now valued at 26.9 billion euro

It is the third time that the Pittsburgh-based company has tabled an offer for Akzo, maker of Dulux paint, and comes one day before the Dutch giant's annual meeting.

In its third offer since March, PPG's chairman and chief executive Michael McGarry said he was making "one last invitation" to AkzoNobel to "engage with us on creating extraordinary value and benefits for all of AkzoNobel's stakeholders".

It said: "The Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal".

While it made the revised bid public, PPG said it is not a formal offer to buy the company.

Akzo Nobel shares jumped as much as 4.85% immediately following the improved bid before paring gains to around 4.4%, but still a record-high €81.60 each that extends their three-month gain to almost 30%.

The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with PPG to more closely examine their proposal.

Bill Murray to join cellist for music and spoken word tour
The project dates back to early 2013, when Vogler and Murray were sitting across from each other on a flight from Berlin to NY . The album is expected to be out sometime in August. "We are from four different continents", he said.

In an attempt to address Akzo concerns over regulation, the latest PPG offer includes a break fee for if the deal is blocked.

The offer would comprise €61.50 per share in cash, and 0.357 shares of common PPG stock.

Professor John Colley, of Warwick Business School, said PPG's new offer has given AkzoNobel little option but to engage.

"Our revised proposal represents a second substantial increase in price along with significant and highly-specific commitments that we are confident AkzoNobel's stakeholders will find compelling". The latest proposal, announced Monday, is for 96.75 euros, representing a 50% premium to Akzo's undisturbed share price.

PPG said the spinoff plan "clearly fails to meet the additional growth opportunities that will be available to all employees of the much larger combined company".

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