Bid for Dulux owner AkzoNobel raised again

In an interview just after again raising the United States company's offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday's shareholders' meeting.

At 1300 BST, the shares were up 4.5% to €81.72.

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". "We stand ready to work with you expeditiously to complete a targeted due diligence review and to negotiate a definitive agreement for the combination". The bidder said its new offer is superior to that plan.

"Whether the offer is low or high, that doesn't change my opinion", Kamp said in an interview with BNR radio.

Akzo had rejected PPG's earlier cash-and-stock offers of 83 euros and 90 euros a share as inadequate.

More news: Volkswagen ordered to pay $2.8 billion in emissions scandal

PPG's revised proposal represents an increase of 6.75 euros, or 8%, over our prior proposal on March 22 and 13.75 euros, or 17%, over original proposal on March 2.

While Akzo said then the plan had "substantially fewer risks, uncertainties and social costs" and being acquired, PPG countered on Monday that the separation would create two "unproven standalone companies with uncertain market valuations and substantial risks".

"If they don't, PPG is very likely to take this directly to shareholders".

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.

Both moves, if completed, would make Akzo a less attractive target for PPG, although the USA company has said the primary reason for the takeover would be synergies of $750 million between the companies' paints and coatings businesses.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Offbeat | Indian officials to lose red beacon lights atop their cars
A number of ministers were quick to remove the red beacons from their cars soon after te decision was made. On the other hand, emergency vehicles, like ambulance, can continue to use red or blue beacons.

Manuel Neuer out for year following Bayern loss
The Bavarians were knocked out the Champions League last week in Spain, as they were beaten 6-3 on aggregate against Real Madrid . The former Real Madrid manager started his speech talking about the referee: "You can't decide a semi-final spot like this".

Hull, Swansea win to lift survival hopes, Boro sink deeper
The former Southampton deep-lying playmaker picked up an ankle knock in the recent clash with West Ham United and continues to be on the treatment table.

91 wildfires burn across Florida; thousands evacuated
According to firefighters on scene, some of the trucks have run out of water, but they say more are on the way. Lucie Fire District they had asked to put this burn ban in place because of the dry conditions", St.

Broke, Married Man Fakes Hijack Threat to Avoid Vacation With Mistress
Krishna, who didn't have enough money for the trip, created a fake plane ticket for his girlfriend from Chennai to Mumbai. The Mumbai police commissioner then informed Hyderabad police who investigated the matter and later arrested Krishna.

Nadal wins historic 10th Monte Carlo title
The unseeded Indo-Uruguayan pair outwitted the Spanish team in the Match tie breaker for a 6-3 3-6 10-4 win in 74 minutes. Ramos Vinolas took the first set when he broke the 11th-seeded Frenchman to love, concluding with a smash at the net.

Pres. Trump promises 'massive tax cuts' to individuals, businesses in new plan
Grant, director of equity trading at KBW, who said solid earnings reports also supported stocks during the session Thursday. Trump said earlier this month that he planned get rid of much of Dodd Frank, though he hasn't said how he would do it.

Moto X 2017 with model number XT1805 and 4GB RAM leaked online
According to this leaked image, the phone is expected to come with the dual camera setup along with a dual-LED flash on the rear. Furthermore, other press render shows that the Moto X (2017) smartphone in a golden colour variant.

Ontario police arrest 100 men in child prostitution case
No details about the men have been released, including their names, nor have police outlined the nature of the charges they face. Orlando leads a recently formed team of Crown attorneys who specialize in human trafficking cases across Ontario.

Justice Department threatens sanctuary cities in immigration fight
That money go toward law enforcement, prosecution and court programs, according to the Justice Department . Justice Department has done, "demonstrates a willful disregard of the facts", O'Neill said.

Prince Khaled bin Salman appointed as S. Arabia's new envoy to US
Essam Bin Saad bin Saeed, the Saudi Ambassador to Cairo Ahmed Qattan and Ambassador of Egypt in the Kingdom Nasser Hamdi. Minister of Communications Muhammad Al-Suwail has been relieved and Muhammad Al-Sawaha was appointed as new minister.

United CEO Munoz will not chair board in 2018 following passenger removal
The airline has made some strides in improving its on-time performance, canceling fewer flights and losing fewer bags. The lawmakers want to know more about the incident as they consider whether related legislation is needed.

French Election: German Govt. pleased with Macron's first round victory
Le Pen hailed the election results as "historic" while promising to "free the French people from arrogant elites". He said he wants to gather "the largest possible" support before the runoff.

Windows 10 Redstone 3 scheduled for September 26, 2017
Microsoft will start rolling out major Windows 10 updates twice per year, timed to match Office 365 ProPlus , the company said . That schedule will bring Windows 10 into line with the update schedule already used by Office 365 ProPlus.

The Fate of the Furious' laps new films at box office
Warner Bros.' thriller " Unforgettable ", starring Katherine Heigl and Rosario Dawson, opened at No. 7 with a $4.8 million. Open Road's " The Promise " pulled in $4.1 million, a lousy opening considering its price tag of at least $90 million.


More News

News
More News