MOSCOW (MRC) -- US paintmaker PPG has fired what it called its "last" friendly invitation to buy Akzo Nobel, by tabling a third bid to take over its Dutch rival for EUR24.6bn, said The Financial Times.
PPG made a new cash-and-stock offer for the owner of the Dulux brand of paints, consisting of EUR61.50 in cash and 0.357 shares of PPG’s common stock. The figure includes a dividend payment that Akzo Nobel’s shareholders would be due should the company remain independent. The revised proposal valued each share in Akzo Nobel at EUR96.75.
PPG said the offer valued Akzo Nobel’s equity at EUR24.6bn. The company’s second bid was at EUR90 per ordinary share, including a dividend payment, comprised cash of EUR57.50 and 0.331 share of PPG common stock.
The new approach will raise the tempo in what has become a transatlantic tussle for one of Europe’s oldest industrial concerns. Akzo Nobel has refused two prior offers on the grounds they undervalued the company, would lead to substantial job cuts and result in significant disposals to appear antitrust regulators. PPG had said that its second bid valued Akzo Nobel’s equity at EUR22.7bn.
MRC