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 PPG (NYSE:PPG) today announced that it has withdrawn its proposal to acquire AkzoNobel (OTCMKTS:AKZOY) and will not pursue a public offer for the company.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 […]
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 […]
Karl Malone’s Body and Paint and Puente Hills Auto Body Earn Toyota Honors
Two PPG (NYSE:PPG) customer collision repair centers, Karl Malone’s Body and Paint of Draper, Utah, and Puente Hills Auto Body of the City of Industry, Calif., have earned the 2016 Toyota Certified Collision Center of the Year Triple Crown Award. The annual award recognizes the three top-performing Toyota certified collision centers in the country. “We […]
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 Certification Training Programs Evolve to Address New Technology
PPG continues to address evolving automotive refinish technologies with ongoing comprehensive certification training programs designed to keep paint technicians at the forefront of the industry. As OEMs introduce more complex and exotic finishes, PPG is making sure refinish technicians are prepared to meet the challenges the new finishes present. “Maintaining alignment with the industry, PPG […]
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 Announces Two Platinum Distributor of the Year Award Winners for the First Time
In an unprecedented move, PPG named two distributors—Southern Auto Color of Gainesville, Ga., and Tasco Auto Color of Houston, Texas—as the recipients of its Platinum Distributor of the Year award. It was the first time PPG has given the prestigious recognition to more than one distributor. Bob Wenzinger, director of the PPG Platinum Distributor program, […]
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. […]
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 […]
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