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 PPG (NYSE:PPG) today announced that it has withdrawn its proposal to acquire AkzoNobel (OTCMKTS:AKZOY) and will not pursue a public offer for the company.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 […]
Keith Bell Named North American Sales Leader, Distribution, OEM and Industry Relations at AkzoNobel
Keith Bell has been named North American Sales Leader, Distribution, OEM and Industry Relations at AkzoNobel Vehicle Refinishes North America. Bell previously served as U.S. Sales Leader for the East Market. In his new role Bell will work with the company’s North American distribution network, AkzoNobel’s Distributor Council and other key distributor programs. Bell has […]
Court Rules in AkzoNobel’s Favor in Suit to Unseat Chairman Over PPG Takeover Bid
AkzoNobel (OTCMKTS:AKZOY)yesterday prevailed in a lawsuit brought by investor Elliott Advisors that sought to unseat AkzoNobel’s chairman over the paint manufacturer’s continued resistance to the takeover bid by PPG Industries (NYSE:PPG) that was launched earlier this year. The decision by Amsterdam Enterprise Chamber rejected Elliott’s request to force AkzoNobel to hold a special shareholder meeting […]
PPG Issues Statement on AkzoNobel Decision
Says it will assess and decide whether or not to continue to pursue an offer. PPG (NYSE:PPG) today issued a statement on its merger proposal to AkzoNobel (AKZA.AS:AKZOY). On Monday, AkzoNobel rejected PPG’s third offer. According to the PPG statement: PPG has reviewed AkzoNobel’s May 8, 2017, response to PPG’s revised proposal of April 24, […]
AkzoNobel Rejects Third Offer from PPG
Decision follows review including direct engagement with Board members of PPG. AkzoNobel today announced it has declined a third proposal submitted by PPG Industries on April 24, for all outstanding ordinary shares in the capital of AkzoNobel. According to AkzoNobel, the company concluded its own strategy, presented on April 19, “…offers a superior route to […]
PPG Makes Third Offer to AkzoNobel
Raises price and commits to break-up fee if antitrust approvals cannot be secured. PPG (NYSE:PPG) today announced that it submitted a revised proposal for a merger with Akzo Nobel N.V. (AKZA.AS; OTCMKTS:AKZOY). The proposal letter, which was provided to Antony Burgmans, Chairman of the Supervisory Board and Ton Büchner, Chief Executive Officer and Chairman of […]
PPG Continues to Pursue AkzoNobel Acquisition
Ton Büchner, CEO of AkzoNobel, to outline new strategy April 19, provides Q&A video discussing future of the company On Wednesday, PPG (NYSE:PPG) reiterated its invitation to AkzoNobel (OTCMKTS:AKZOY) to enter into discussions to explore PPG’s proposal to combine the companies. This follows the previous announcements on March 9 and its second proposal on March 22. […]
Certified Collision Group and AkzoNobel Announced Strategic Alliance
The Certified Collision Group (CCG) announced the formation of an alliance with AkzoNobel to support collision repair businesses across the nation that are both performance-driven and OEM Certified. Through the alliance, CCG and AkzoNobel have agreed to work together closely to identify independent repairers whose Proven Performance meets CCG’s strict qualifying criteria. Identified top performers […]
AkzoNobel Rejects Second Proposal from PPG
Company states proposal fails to recognize value of AkzoNobel and neglects to address significant risks and uncertainties, including extensive anti-trust concerns. AkzoNobel today announced it has rejected a second unsolicited proposal from PPG Industries Inc. to acquire AkzoNobel. According to Akzo, the proposal on March 20, fails to reflect the current and future value of […]
PPG Reported to Prepare New Bid for AkzoNobel
Bloomberg reported yesterday that its sources indicate PPG Industries Inc. is preparing a new takeover bid for Akzo Nobel NV. On March 9, AkzoNobel announced it rejected an unsolicited offer from PPG to form a combined company that AkzoNobel says undervalued its business. In response to the offer, AkzoNobel’s CEO announced the company would explore […]