Paint manufacturer will not make a public takeover offer for competitor.
PPG (NYSE:PPG) today announced that it has withdrawn its proposal to acquire AkzoNobel (OTCMKTS:AKZOY) and will not pursue a public offer for the company. Under Dutch law, PPG had to make a decision today to pursue a formal takeover attempt or pause for a six month cooling off period.
“We were hopeful throughout this process that AkzoNobel’s Boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future. We strongly believe a