AkzoNobel rejects unsolicited offer for merger, announces a review of strategic options for possible separation of its Specialty Chemicals business.
AkzoNobel announced today that it rejected an unsolicited offer from PPG to form a combined company that AkzoNobel says undervalued its business. AkzoNobel confirmed it received an unsolicited proposal from PPG for a public offer on all of the issued and outstanding ordinary shares of AkzoNobel at a price of €54.00 ($57.04) in cash and 0.3 PPG shares per AkzoNobel share, corresponding to a value of €83.00 ($87.63) per share.
In response to the offer, AkzoNobel CEO announced the company would
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