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AkzoNobel has rejected a second unsolicited, non-binding and conditional proposal of March 20 from PPG Industries Inc for all of the issued and outstanding ordinary shares in the capital of AkzoNobel.
AkzoNobel said that the proposal not only fails to reflect the current and future value of AkzoNobel, it also neglects to address the significant uncertainties and risks for shareholders and other stakeholders.
The Management Board and Supervisory Board of AkzoNobel, together with their financial and legal advisors, have thoroughly reviewed the second proposal taking into consideration the interests of AkzoNobel’s shareholders, customers, employees and other stakeholders.
The revised proposal represents a value of €88.72 (adjusted for final dividend) consisting of €56.22 (adjusted for final dividend) in cash and 0.331 PPG shares, as at March 20, 2017, per AkzoNobel share.
Ton Büchner, CEO, AkzoNobel (pictured): "This proposal significantly fails to recognise the value of AkzoNobel. Our Boards do not believe it is in the best interest of AkzoNobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously.
"We are convinced that AkzoNobel is best placed to unlock the value within our company ourselves. We are executing our plan, including the creation of two focused businesses and new cost structure and believe this gives us a strong platform for continued profitability and long term value creation for all our stakeholders with substantially less execution risks.”
