PPG Industries (Greensboro, N.C.) on April 24 offered to buy Akzo Nobel NV, based in Amsterdam, for $28.8 billion.
The offer was the third offer made to Akzo Nobel. PPG’s previous offers were $26.3 billion and $22.4 billion.
“We are extending this one last invitation to you and the Akzo Nobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of Akzo Nobel’s stakeholders,” PPG Chairmain and CEO Michael McGarry wrote in a proposal letter to Akzo Nobel.
Akzo Nobel told shareholders during a meeting April 25 that it needed time to consider the offer, according to Bloomberg.
“The board and supervisory board of Akzo Nobel will carefully review and consider the proposal together with our legal and financial advisers,”Akzo Nobel Chairman Antony Burgmans said. “As you can imagine, such an analysis takes time. As long as we’re looking into that we cannot elaborate on it.”
