AkzoNobel rejects 3rd PPG Industries takeover bid
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Dutch industrial paints and chemicals company AkzoNobel has rejected a third unsolicited takeover bid from American rival PPG Industries, saying it is not in the interests of shareholders.
In a statement Monday, AkzoNobel says its plan, announced last month, to spin off its Specialty Chemicals unit within 12 months to boost growth "offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders."
AkzoNobel announced the shakeup after rejecting two earlier PPG bids, saying they undervalued the company.
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Last month, PPG Industries upped the ante again with a third bid for AkzoNobel; a cash-and-stock deal valued at about $28.8 billion.
AkzoNobel says it rejected the latest offer after "considerable in-depth analysis" including talks with PPG's CEO Michael McGarry.